LAXMI BANK launches API Banking Platform “LxBCONNECT”

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In line with the Bank’s strategy of using API banking as an enabler to ideate, customize and co-create digital solutions, Laxmi Bank has launched LxBConnect – an API Developer Platform and released an invitation to fintech, startups, developers to be Partners–in-Tech to identify ‘best-fit APIs based on their sectors for its common customers.

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What’s is LxBCONNECT?

LxBConnect is the consolidated Application Programming Interfaces (APIs) of multiple payment systems hosted by Laxmi Bank.  LxBConnect sandbox environment is expected to enable interested partners to visualize multiple banking use cases and understand possible integrations & functionalities of the Bank’s APIs and test them with their app in a secure environment over the VPNs.

Laxmi Bank will grant access to APIs across 3 types of usage categories that include account management, financial and non-financials operations such as:

  • Accounts: Account Opening; Account Management; Customer Portfolio
  • Financial: Beneficiary Management; Fund Transfer; Bill Payment; Recurring Payment, Remittance, Salary Payment, Settlement, Beneficiary Management
  • Non-Financial: Exchange Rates, Branch/ATM Information, Verifications, Reconciliation, Statements etc.

Also Read: National Payments Interface: NCHL’s API Banking Based Digital Payment for Corporate Sector

What is API Banking?

Application Programming Interface Banking (API Banking) allows you to access the bank’s transaction processing services from the Corporate Company ERP environment. Transactions can be triggered by the Corporate Company ERP System as API calls to the bank’s system through a secured system upon integration between Corporate Customer’s ERP.

As a result, Corporate Companies can have easy, fast, hassle-free, and secure transactions for all their business needs with less dependency on banks.

About Laxmi Bank

Laxmi Bank is a ‘Full Service Commercial Bank’ providing a complete range of products, services and technology driven digital offerings, catering to Individuals, MSMEs as well as corporate clients.

Headquartered in Kathmandu, the Bank  has a pan-Nepal  presence of 129 branches across  48 districts, 5 hospital service counters, 6 extension counters,  158 ATM’s,  2,500+ remittance agents and 61 branchless banking agents. The Bank is widely recognized as one of the best-managed banks in Nepal with high standards of corporate governance culture, risk-management systems and a strong technology.

Laxmi Bank’s microfinance subsidiary – Laxmi LaghubittaBittiyaSanstha Ltd, a category D financial institution licensed by Nepal Rastra Bank is in operation since 2012 and has a network of 72 branches with loans of over NPR 4 billion.

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