Citizens Bank Launches Nepal's First Secure API Banking Platform ‘RAPID’

Citizens Bank International Limited, in collaboration with Gokyo Labs Pvt. Ltd., has launched RAPID (Real-time API Platform for Integration and Digitization), Nepal’s first secure API banking platform. Designed for corporate clients, RAPID allows seamless integration of a company's ERP system with its bank account, enabling real-time access to account balances and statements.

In the first phase, RAPID focuses on non-financial services, simplifying business operations by removing the need to log into online banking platforms. The upcoming second phase will enable secure digital transactions using global standards like ISO 20022, OAuth2, and Multi-Factor Authentication.

Features will include ERP-based payments, fund transfers, payroll processing, and online account opening. Security is enhanced through OAuth2-based digital consent, Time-based One-Time Passwords, and encrypted data using Public Key Infrastructure.

This API platform supports faster, more accurate, and data-driven decision-making for businesses, marking a major step in Nepal’s business banking digitization. RAPID aligns with Citizens Bank’s long-standing commitment to innovation, reflected in its recent “Bank of the Year 2024” award and expansive network of 200 branches across 61 districts. RAPID is expected to transform how Nepali businesses manage finances, offering greater control, speed, and security within their own operational systems.