What are settlement accounts?

Settlement accounts are dedicated accounts where funds from your customer transactions are deposited before being transferred to your business. They serve as the final destination for all payments processed through Genome, ensuring that your revenue is collected and stored securely.

Currently, Genome allows instant settlements only to Genome IBANs. It means that when a customer pays via the Pay by Bank, the money is settled directly into your Genome account in EUR (euros). By settling internally within Genome’s infrastructure, merchants benefit from speed, efficiency, and reduced delays compared to traditional banking settlements.

In the near future, we will expand our services to include Visa and Mastercard card payments. This update will provide merchants with enhanced flexibility in managing global transactions:

• Choose your collecting currency (the currency in which payments are accepted from customers).
• Define your settlement currency (the currency in which funds are ultimately deposited into your settlement account).

This added feature will allow businesses to better manage foreign exchange exposure, optimize currency conversion, and align settlement practices with their preferred financial strategy.

In short, settlement accounts act as the bridge between your payment processing activities and your business’s accessible funds, ensuring that payments are delivered quickly, securely, and in the currencies that best suit your operations.