Lithuania-based Genome, a Fintech firm that provides a financial ecosystem to support individuals and businesses, will be helping companies process their e-commerce transactions.
The Fintech company will be opening a business account for low-risk businesses that are currently using the Genome platform. It will also onboard other new low-risk customers.
Genome’s management confirmed that it will waive all monthly account fees for the next 3 months, in order to provide financial relief to businesses struggling to maintain operations following the Coronavirus (COVID-19) outbreak.
Genome aims to serve businesses from many different industries including those offering food services, toys, electronic goods, home appliances and entertainment systems, and educational platforms.
The Genome API can be integrated easily and businesses can also set up a merchant account using the company’s software. These steps may be completed online, and companies can start accepting payments from customers through their digital commerce website within a few days.
The Genome team says that there’s no need to visit a physical branch location to accept payments. Business owners may open a business or merchant bank account, integrate Genome’s API, receive payments and also take advantage of direct payouts — all while staying at home.
Genome’s management said that existing low-risk business customers will not be charged monthly account fees. The company noted that new potential clients who are interested in joining Genome can apply for a business account. However, the business industry they operate in must be a low-risk one and their country of incorporation must also be low-risk.
Genome is an electronic money institution. Established in 2018, the company is licensed by the National Bank of Lithuania. It specializes in digital financial services for personal and business requirements.
It helps firms with setting up their business operations, transaction settlement, and managing merchant accounts with dedicated IBANs. It assists companies with carrying out SEPA and SWIFT transfers.