Citizens Bank Launches RAPID API Platform: Revolutionizing Digital Business Banking in Nepal
5th May 2025, Kathmandu
Citizens Bank International Limited has launched Nepal’s first secure API banking platform, RAPID, in collaboration with Gokyo Labs Pvt. Ltd. This new digital platform is designed to simplify, speed up, and secure business banking operations for corporate clients.
Citizens Bank RAPID API Platform
RAPID stands for Real-time API Platform for Integration and Digitization. It connects a company’s ERP system directly with its bank account. This integration enables real-time access to account balances and statements from within the ERP itself.
In the initial phase, RAPID focuses on non-financial services. Businesses can now check balances and view statements instantly through their ERP. They no longer need to log in separately to online banking platforms. This saves time, increases accuracy, and enhances workflow efficiency.
Phase Two Brings Secure Digital Transactions
In its second phase, RAPID will enable secure digital transactions using globally accepted technologies such as ISO 20022, OAuth2, and Multi-Factor Authentication (MFA).
Businesses will be able to:
Initiate payments directly through their ERP systems
Define single or multiple signatories for approval
Process payroll quickly and automatically
Transfer funds internally or to other banks securely
Retrieve detailed payment and settlement reports
Settle QR code and card transactions with full transparency
Open bank accounts online
This integration brings complete banking control into the business environment.
OAuth2 And TOTP Ensure Security
Security is a top priority. RAPID uses OAuth2 protocols for digital consent, giving businesses full control over what data is shared and what actions are taken.
Each critical action requires additional verification using Time-based One-Time Passwords (TOTP). This feature adds another layer of dynamic security.
Moreover, all data exchanged through RAPID is encrypted using modern Public Key Infrastructure (PKI) technology, ensuring complete confidentiality and data integrity.
Built On Global Standards
RAPID complies with ISO 20022, the international standard for financial messaging. This ensures clear, consistent, and reliable data across financial platforms.
Businesses benefit from faster and more accurate processing. Standardization also reduces errors and boosts trust between banks and corporate clients.
Enhancing Business Banking in Nepal
This platform is a major step toward digital transformation in business banking. RAPID simplifies complex financial processes and allows businesses to operate more efficiently.
Companies can now perform banking tasks without leaving their systems. As a result, decision-making becomes faster and more data-driven.
Citizens Bank Leads In Digital Banking Strategy
Citizens Bank has embraced a lead strategy in digital banking and digitization. RAPID is part of a broader effort to encourage businesses to shift from traditional banking to smart, automated systems.
The bank continues to launch customer-friendly digital services. These initiatives promote the use of online banking and digital payments, reducing reliance on physical branches and cash transactions.
A History Of Innovation And Trust
Citizens Bank has earned strong recognition in both national and international circles. Recently, it won the prestigious “Bank of the Year 2024” award. This global recognition highlights the bank’s consistent efforts in innovation, quality service, and technology adaptation.
The bank has also introduced several other digital solutions over the years, contributing to the financial inclusion and digitization of Nepal’s banking sector.
Extensive Nationwide Network
Citizens Bank currently serves over 1.89 million customers across 61 districts in Nepal. Its network includes:
200 branches
168 ATMs
3 extension counters
74 branchless banking units
With such a wide reach, the bank ensures access to modern financial services even in remote areas.
Why RAPID Matters?
RAPID offers multiple benefits for commercial clients:
Time-saving: Real-time data eliminates delays
Convenience: No need to log in to multiple platforms
Accuracy: Reduces errors by minimizing manual entry
Security: High-end encryption and multi-factor authentication
Control: Businesses manage everything from their systems
As more businesses adopt digital tools, RAPID can play a key role in shaping the future of business banking in Nepal.
Looking Forward
Citizens Bank plans to continue its digital journey. It will expand RAPID’s capabilities and introduce more features based on client needs and global trends.
By collaborating with innovative companies like GoKyo Labs, the bank is building a strong foundation for smart banking solutions. It also reaffirms its commitment to delivering value through technology.
Conclusion
The launch of RAPID marks a milestone in Nepal’s digital banking ecosystem. Citizens Bank has not only introduced a first-of-its-kind service but also set a new benchmark for business banking in the country.
Through RAPID, companies gain speed, control, and confidence in handling their financial operations. And with the bank’s focus on global standards, security, and user experience, RAPID is set to transform how Nepali businesses interact with their banks.
For more: Citizens Bank RAPID API Platform
