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Rapid Tech has partnered with nine enterprise resource planning (ERP) and business software companies to integrate its API banking platform into business systems.
The company has signed memorandums of understanding (MoUs) with IMS, Swastik, CMT Boss, RestroX, Synergy Tech, Inficare, Source Code, Crossover and Dolphin.
As per the company claims, the partnerships will allow businesses to access banking information and manage financial transactions directly through the ERP and business software they already use. Rapid’s application programming interfaces (APIs) will enable businesses to check bank balances, retrieve bank statements and automatically reconcile bank transactions with accounting records.
Rapid Tech CEO Ashitosh Sah said the platform aims to simplify financial management by reducing the time required to verify transactions. Automated reconciliation between bank statements and accounting records will allow finance teams to focus on other tasks, he said.
Businesses with accounts at multiple banks will also be able to view their overall cash position through a single ERP system without logging into individual banking portals. The company expects the integration to help businesses manage cash flow and treasury operations more efficiently by providing information on actual bank balances and available funds.
Rapid plans to introduce additional features in subsequent phases, including Request to Pay, API-based account opening, Direct Debit and virtual accounts for margin lending and trading.
The company aims to expand embedded finance in Nepal by integrating financial services such as payments, account opening, collections and lending into digital platforms used by businesses and customers.
“Embedded finance is fundamentally about creating an environment where businesses can access banking services through the software they use for their daily operations,” Sah said.
He added that banks would provide the financial services, businesses would access them through their existing systems, and Rapid would serve as the technology infrastructure connecting the two.
Rapid aims to make banking services more accessible while automating and integrating businesses’ day-to-day financial processes.
प्रकाशित: २७ आश्विन २०८३, मंगलवार
