VTB Business Online

2023

Presentation of a prototype of the implementation of cross-border B2B transfers in digital rubles

VTB on November 10, 2023 presented a prototype of the implementation of cross-border B2B transfers in digital rubles from Russia to Belarus. The transaction took place in real time in a few clicks.

The operation was carried out in the VTB Business Online remote banking system. During the demonstration of the technological solution for cross-border transfers, a legal entity - a VTB client in Russia - transferred Russian digital rubles from its account on the Bank of Russia platform to an account in digital rubles of a legal entity - a resident of Belarus. To make such a transfer, the sender had to select the recipient and specify the required amount for the debit. Funds in digital rubles instantly arrived at the recipient's account.

At the end of 2022, our working groups in Russia and Belarus joined forces to develop a scheme for connecting residents of friendly states to the digital ruble platform. We are opening up opportunities for cross-border payments and are on the verge of creating an international decentralized system of settlements in national digital currencies, in which there will be no monopolists. Other countries are also testing settlement solutions in national digital currencies, bypassing the old infrastructure. Participation in piloting the digital ruble gives us the opportunity to be one of the first to see the full potential of the technology and bring the digital future closer for our customers, "said Vadim Kulik, Deputy President and Chairman of the Board of VTB Bank .

The departure from the Russian market of foreign partners not only did not weaken, but, on the contrary, spurred the development of the domestic payment infrastructure. In the domestic market, we are actively working with alternative systems, such as SBP, and in terms of international settlements, we have built autonomous channels of interbank interaction in advance and organized a direct connection to payment systems of friendly countries. Now we present a digital format of cross-border payments, which, in our opinion, in the near future will be one of the most popular. The digital ruble can provide a closed system of settlements of Russian companies with external counterparties. In addition, in the future, our customers will have the opportunity to make cross-border payments using smart contracts. This will ensure transparency of settlements, as well as the possibility of flexible management of balances in digital accounts, - said Vitaly Sergeychuk, head of the VTB corporate and investment business unit.

VTB became a bank that successfully began in August 2023 to pilot operations with real digital rubles in its mobile application VTB Online. As of November 2023, the participants of the focus group formed from among the bank's employees have access to the application for opening accounts in digital rubles, transfers between individuals, as well as operations for paying for goods and services with digital rubles using QR code transfers. All operations are available in real time. Later, within the framework of the pilot, the possibility of using smart contracts with a digital ruble will be provided.

There is a need to form a settlement confidence space where translation, deal programming, and information management are linked together and securely protected. The digital ruble platform will provide opportunities for creating self-executing transactions. A secure environment for programming smart contracts will appear.

The use of smart contracts on the digital ruble platform will ensure transparency of settlements, as well as the ability to flexibly manage balances on their digital wallets. At this stage, individuals will be able to use auto payments in digital rubles, setting in advance the date, amount and recipient of the transfer. As it develops, other opportunities for self-executing transactions with a digital ruble will become available.

Launch of the service "Online reporting to government agencies"

VTB on November 9, 2023 launched the Online Reporting to Government Agencies service for clients of medium and small businesses. It allows entrepreneurs to submit mandatory reports to regulatory authorities online in a timely manner and insure themselves against violations.

Late delivery or technical errors in reports are one of the most common violations for which entrepreneurs can be imposed. penalty to data According to VTB, LLCs most often face this due to more complex reporting - they account for 55% of fines paid in 2023. Another 30% of penalties − on. SP Most of all customers faced fines for failure to provide information To Moscow in and,,, the Moscow region St. Petersburg Krasnodar Territory Republic and. Tatarstan The average Rostov region amount of the fine was 2.5 thousand. rubles

This service in the VTB line of business services is designed to send reports through Internet FTS (Federal Tax Service), (EME (Social Fund of Russia) Rosstat Federal state Statistics Service). The reporting forms built into the service are kept up-to-date, so customers don't have to track changes to document requirements themselves − have access to all the latest approved reporting forms. The online assistant will tell you how to fill out a particular line and report errors, and before sending the correctness will be files checked automatically. All documents sent and received are stored in the service's memory, which eliminates the need to keep the archive in paper form.

We are expanding VTB's line of business services to help customers develop their business, automate and simplify routine processes. These include interaction with government agencies, which can be effectively established using the online reporting service. It will not only protect entrepreneurs from unnecessary risks, but also save time and related costs, − said Spartak Solonin, head of the corporate digital business department − senior vice president of VTB.

By sending reports in electronic form, the client knows for sure that it has reached: the government agency sends a confirmation of receipt of the document. In addition, through the personal account, the user can make additional requests, as well as request help, information about the submitted reports, reconciliation acts, clarifications on the law and other information. The service provides convenience and complete confidentiality of the exchange of information with government agencies, since when transferring documents, the data is encrypted.

You can connect the Online Reporting to Government Agencies service on the Internet and VTB Mobile Bank for Business in the Products and Services and Services sections, respectively.

Opening a digital ruble account

VTB Bank and PJSC Rostelecom conducted operations with a digital ruble. A digital ruble account was opened in the VTB Business Online remote banking system. Rostelecom announced this on September 1, 2023.

From a digital account with VTB Business Online, legal entities can transfer digital rubles into non-cash funds and vice versa, accept C2B payments, return goods to individuals with the crediting of digital rubles to a digital account. At the same time, bank customers can track the status of transactions, see their history, as well as, if necessary, change the status of a digital account - block and unlock.

The digital ruble platform developed by the Bank of Russia is a settlement space in which all information about transaction parameters, any transactions and cash movements is connected into a single whole and is as protected as possible. In addition, the introduction of digital currency is a qualitative shift in the field of world payments, new opportunities for both business and banks in terms of the development, implementation and use of new financial products and instruments, "said Alexander Botsiev, head of VTB's transactional business department.

To accept payments from customers - individuals, the bank generates a static QR code for each client - a legal entity, containing all the information necessary for the transfer about the recipient of funds. The client, using a mobile application, can pay for goods received or services rendered in digital rubles.

We tried to make the payment process as simple as possible. The transfer of digital rubles from the client's account to the recipient's account is carried out online, so payment with digital rubles is customary for the client, as happens when paying with a card or when paying through the SBP, - commented Elena Chetverikova, Deputy Head of the VTB Business Operational Support Department.

Rostelecom is developing high-tech projects and actively supports financial IT products of colleagues in the market for effective interaction with customers. As a digital partner of VTB Bank, we were one of the first to test the functionality of the digital ruble, supporting the pilot project. The first operations with the digital ruble were successful. The convenient interface of the VTB Bank remote banking system and payment technology allow you to comfortably work with digital rubles, - said Sergey Anokhin, First Vice President and Financial Director of PJSC Rostelecom.

Operations are carried out within the framework of the pilot of the Bank of Russia, which started on August 15, 2023, VTB is one of the participating banks. At the initial stage, the regulator pilots the opening of accounts in digital rubles, transfers between customers, as well as payment for goods and services at retail points of sale.