The Art of Modern Banking by Genome
Genome is the E-money institution supervised by the Bank of Lithuania. It provides financial services for individuals and businesses. Primarily, it focuses on provision of products for e-commerce transactions.
Main features:
- Personal and business accounts
- Multiple IBANs
- SEPA and SWIFT transfers
- API Integration (H2H and HPP)
- Merchant accounts
- Multicurrency accounts
- Corporate physical and virtual cards
- Payment acceptance with credit card on website and other alternative payment methods
- Low risk and high risk accounts*
* High-risk accounts include Dealers, Lead generation, Direct marketing, Telemarketing, Consumer credit vendors (non-bank loans), mutual fund borrowing platforms (crowdfunding) (regulated and licensed in EU), Betting / Gambling, Traditional dating services and other activities.
Opening an account
Genome opens personal and business account through online verification. For personal accounts, customers will need to upload passport or ID. Corporate customers submit a proof of domain ownership, processing and chargeback statement from the previous processor for 6 months, certificate of incorporation, information on company shareholder structure and a list of directors documents, memorandum and articles of association. All documents are accepted in a scanned format.
For merchant accounts customers need to present merchant domain ownership proof, last 3 months processing history or business plan and fulfillment/supply agreement (optional).
Upon completion of the due diligence procedure, Genome team will assign a low or high-risk level to the client.
Personal Accounts
With personal accounts, customers get multicurrency accounts with a unique IBAN. Clients can transfer money with SEPA and SWIFT. Exchange services provide a beneficial conversion rate, even during non-banking hours.
Fees:
| Service | EU Resident | Rest of the world |
| Monthly maintenance fee | 0 Euro / month | 20 Euro / month |
| Wallet account opening | Free | Free |
| IBAN account | Free | Free |
| Currency conversion fee | 1% | 1% |
| Incoming and outgoing transfers | Free | Free |
| Incoming SEPA transfers | 1 Euro | 1 Euro |
| Incoming SWIFT transfers | 10 Euro | 10 Euro |
| Outcoming SWIFT transfers | 15 Euro | 25 Euro |
| Card top up (non Genome card) | 3% | 3% |
Business Accounts
Customers enjoy Genome business account as it allows to make instant payouts and process payments. With Genome business accounts it is possible to make international money transfers for various business purposes, such as paying salaries, transferring money to partners, suppliers and service providers.
Fees:
| Service | Low Risk | High Risk |
| Monthly maintenance fee | 10 Euro / month | 100 Euro / month |
| EUR business IBAN account opening | 100 Euro | 500 Euro |
| Free additional wallet account opening in EUR or other currency | Free | 1000 Euro for USD, 500 EUR for each additional wallet in other currency |
| Currency conversion fee | 1% | 1% |
| Incoming and outgoing transfers | Free | Free |
| Incoming and outgoing SEPA transfers | 1 Euro | 5 Euro for incoming transfers and 10 Euro + 0.2% for outgoing transfers |
| Outgoing SWIFT transfers | 20 Euro | 30 Euro + 0.2% |
Merchant Accounts
In comparison to business accounts, merchant accounts are dedicated to accept electronic payment transactions for merchants’ goods and services. In other words, if you sell goods on Amazon, eBay or other platform, or, alternatively, if you sell things online on your website, then you need a merchant account. In this way, your customers can choose to pay with a credit card from anywhere in the world, or use other alternative method. Businesses need to have business accounts to conduct administrative operations, such as paying to service providers, paying salary and accepting money for goods and services. Business owners can transfer money from merchant account to business account to withdraw money.
With Genome you would easily separate funds needed to conduct administrative operations and to receive income generated from your business.
Genome merchant account allows to:
- Accept Mastercard and Visa payments.
- Have multiple integration options on the website with customers and website.
- Integration with PrestaShop, Oxid, Opencart, Woo, Shopify, Drupal, Magento.
- Approximately 40 payment methods, such as iDeal, Sofort, Giropay, Przelewy24, Trustly, MyBank and others.
- Payment acceptance from major issuers like Visa, Mastercard, and Diners Club International cards.
With Genome merchant account customers can pay with traditional credit cards (VISA, MasterCard, DinersClub) and with over 40 local alternative payment methods and more than 20 accepted currencies.
Safety Standards
Genome uses Covery anti-fraud platform for risk management and merchant protection from fraudulent chargebacks. We are compliant with PSD2 and PCI DSS for an extra layer of security.
Open your IBAN account in Genome here!
