European Fintech star – Genome 

Genome is a Lithuanian Fintech service founded in 2018. It provides financial services to both individuals and legal entities. Genome is licensed as an e-money institution and controlled by the Bank of Lithuania. It is primarily focused on providing products for online transactions.

Main services:

  • IBAN accounts;
  • SEPA and SWIFT transfers;
  • Money transfers;
  • Merchant accounts;
  • Multi-currency accounts;
  • Acceptance of payments by credit card on-site and other alternative payment methods.

Opening an account

You can open a business account on Genome very easily. The service offers personal or corporate accounts through online verification. For a personal Genome Account, you need to upload your passport or ID card. For corporate Genome Account, you need to provide:

  • documents confirming business activities;
  • a statement of your incoming and outgoing payments for the last 6 months;
  • certificate of incorporation;
  • information about the company’s shareholders;
  • list of company directors;
  • corporate charter.

You should provide all these documents in scanned or digital form.

The procedure for opening a merchant account is a little easier. After you open a business account, apply for a merchant one: you must provide a certificate of ownership of the domain, the history of the domain for the last 3 months, or a business plan.

Personal accounts

Often opening a bank business account for personal needs, users take advantage of all the features of this plan. You can open a multi-currency eWallet and link the IBAN to your bank business account, which allows you to make an online payment in different currencies. If you are in the EU, among the currencies available to you are USDEUR, and GBP, between which conversion is available. Currency exchange services provide favorable conversion rates in your eWallet, even during non-banking hours.

In addition to the online payment functions, you will also have access to bank transfer money via SEPA and SWIFT.

Genome corporate accounts

The service has gained particular popularity because of the ability to create a bank business account and its features. Such a bank business account allows for instant transfers and multiple accounts opening. With a corporate account, you get services for a variety of business purposes, such as paying salaries, transferring money to partners and service providers. 

Merchant accounts

A merchant bank business account is designed to accept electronic payment transactions for the services or products you provide in your store or website. So, your customers will not be limited in their choice of payment methods. 

You, as a business owner, need to have a merchant bank business account to make administrative transactions such as online payment to service providers, payroll and accept money for goods and services.