Genome EMI requests video call after 1 month of account

[Julia Poland]

Anyone worked with Genome wallet?
They requested video verification call after account was opened and worked for around a month. Can suggest which questions they need to clarify? No recalls came to accont or any issues.

 

[JohnLocke]

Maybe all the standard questions as usually and which all banks have to ask their customers:

• source of funds
• invoices
• 2 or 3 references
• other

 

[JohnLocke]

I just signed up with this service, they are as 99% others located in Lithuania.

The signup process for a personal account took only 10 minutes, I got the LT IBAN account number right away, system / user platform looks like Wise / Transferwise, it works also almost the same way.

BIG PLUS, they offer corporate account and merchant account, the support is ultra responsive so far and approved our business within a day. We are waiting now for fully business approval to be able to accept credit cards again while we will be waiting on others to finish their approval. We have ordered a multi processing platform which make us able to process credit cards with 3 and more payment processors at the same time and balance transactions flow.

The goal is to be totally independent from 3rd party, we want to be in control of our own business

 

[Julia Poland]

I just signed up with this service, they are as 99% others located in Lithuania.

The signup process for a personal account took only 10 minutes, I got the LT IBAN account number right away, system / user platform looks like Wise / Transferwise, it works also almost the same way.

BIG PLUS, they offer corporate account and merchant account, the support is ultra responsive so far and approved our business within a day. We are waiting now for fully business approval to be able to accept credit cards again while we will be waiting on others to finish their approval. We have ordered a multi processing platform which make us able to process credit cards with 3 and more payment processors at the same time and balance transactions flow.

The goal is to be totally independent from 3rd party, we want to be in control of our own business

Yes, they shows good, I am glad that you find them attractive. The only thing I would add that SWIFT payments are missing.
Do you know any similar EMI which support incoming/outgoing SWIFT? Would be good if they can open such an account under the company name.
Transferwise did not work well for our business, closed very fast...

 

[Marie Manila]

Does genome take part in CRS?
In the document "Your guide to Genome" I cannot find anything if, when or where I have to enter my TIN.

 

[JohnLocke]

Bid DOWN, they request all your documents, ask for tons of questions, and then reject your account without to give any reason!

It is the same shitty story as with many of the payment processors.

During the application process which has taken these 10 days I asked them at least 3 times, can you indicate if you really can approve my business, because initially you said

"Genome is the perfect match for your business" we want to work with you..

they said yes we just need this and that document so we are almost there, so they requested even the same document in an even higher quality scan.

After 2 days they came up with this message:

Thank you for the provided information regarding this submission and we apologise for the delay. After careful review we will not be moving forward with this application. The decision is primarily based on the business type. We apologize for the inconvenience if any; thank you once more for gathering all documents for our review.

What shall I say GFY - this reminds me about the procedure from ePayments where they collected all documents in high resolution and just declined your account, I wonder if this is the same thing, they are phishing for documents and information which they use for 3rd party purpose.

 

[Forester]

Does genome take part in CRS?
In the document "Your guide to Genome" I cannot find anything if, when or where I have to enter my TIN.

If it is still relevant for anyone: Lithuania is a member of CRS and Genome is under regulation there. As an EMI, there are not so strictly under radar as banks are, so nowadays some EMI's does not report automagically (AFAIK). But definitely, 1) IMO it is only a question of time when they start; 2) even now they will promptly report on request.

 

[uplana]

If it is still relevant for anyone: Lithuania is a member of CRS and Genome is under regulation there. As an EMI, there are not so strictly under radar as banks are, so nowadays some EMI's does not report automagically (AFAIK). But definitely, 1) IMO it is only a question of time when they start; 2) even now they will promptly report on request.

thanks for the information, may be well noted by the many afraid of CRS, me included!