Merchant services

Experience secure and instant Open Banking payments

Enable your business to receive instant payments from clients across Europe, powered by safe and transparent Open Banking tools. Explore new revenue streams, improve operational efficiency.

Open account

What is Open Banking?

Open Banking is a regulated way for people and businesses to securely share their bank account data and broader financial data, and to initiate payment services through standardized APIs with the help of licensed financial institutions. Instead of screen-scraping, regulated third parties - such as other financial service providers (fintechs, PSPs) - use bank APIs only with the customer’s explicit, permissioned consent, enabled in the EU by PSD2, which mandates API access and licenses compliant providers. Security and control are central: Strong Customer Authentication (SCA), encryption, and auditable consent flows protect your data and authorize payments safely. With Genome, you can accept customer payments via secure, PSD2-compliant Open Banking, while benefiting from real-time notifications, multi-currency accounts, SEPA/SEPA Instant transfers, and compliance-first monitoring that keep both financial data and payment services protected end-to-end.

Open account

How Open Banking works

Open Banking lets customers pay businesses directly from their bank accounts, using secure apps and APIs instead of debit/cards, while keeping financial data protected. A customer picks the pay by bank option, confirms the payment in their bank app, and the money is sent to the merchant via SEPA Instant Transfer (arrives in seconds) or SEPA Credit Transfer (usually same day/next day payment). The main players are: consumers who approve the payment, businesses (merchants) who receive it, banks that hold the accounts and move the funds, and regulated financial service providers that enable these Open Banking services across the broader financial services industry. Genome fits into this flow by giving merchants the option to accept bank transfers using Open Banking, with hosted pages, instant notifications, and reconciliation tools used across multiple financial sectors.

Benefits of Open Banking

Merchant services

With Open Banking, customers pay you straight from their bank account - no cards or intermediary banking services required, so you get clearer visibility on each pay-in, lower fees, and no chargebacks compared to other payment methods. Accept payments from clients across Europe with ease with our elevated financial services.

Hosted payment page

Open Banking quickens the payment process for fintech companies and clients, and so does Genome’s hosted payment page. Our page guides clients through this flow, redirecting them to a secure external link to complete the purchase. It reduces friction and simplifies the process.

SEPA Instant/Credit transfers

Open Banking system pairs perfectly with SEPA: SEPA Instant can deliver funds in seconds, while SEPA Credit Transfers clear within a day. Genome supports both, so your business benefits from faster settlements and a smoother cash-flow cycle, while your financial data stays protected.

Batch transfers

When you need to pay out salaries, partners, or issue refunds at scale, you are always ready! Open Banking transfers allow you to receive payments from clients efficiently, so you can plan your financial operations accordingly, including mass transfers, using real-time financial data.

Dedicated IBAN account

Settle the funds you receive via Open Banking-powered payments directly to your dedicated business EUR IBAN account - an account you receive automatically after starting a wallet inside the Genome financial ecosystem. Add more IBANs if necessary and benefit from other financial services we offer.

Multi-currency accounts

After you accept funds into your business account from Open Banking payments, you can transfer funds between multi-currency accounts in 12 different currencies for better corporate management: EUR, USD, GBP, PLN, CHF, JPY, CAD, CZK, HUF, SEK, AUD, and DKK. Add up to 5 accounts per currency, no need for more accounts in other financial institutions.

Is Open Banking safe to use?

Open Banking is safe: in the EU, it operates under the Payment Services Directive (PSD2) and related Open Banking regulations (like GDPR), which require that only licensed and supervised financial institutions can gain secure access to account information via APIs. Payments and secure data sharing use mandatory Strong Customer Authentication (e.g., app or biometrics) plus industry-standard encryption in transit and at rest to protect consumer data and reduce security risks. Only vetted providers may deliver third-party services within this ecosystem, and all actors must meet stringent financial services compliance standards. At Genome, we align to these rules as an EU-licensed EMI, applying robust encryption protocols, SCA-ready flows, continuous fraud monitoring and alerts, and audited security frameworks (including PSD2, PCI DSS, ISO/IEC 27001/27701 ) to keep both data and payments protected.

Open Banking for businesses

Open Banking lets businesses connect bank accounts through secure APIs, turning fragmented finances into a single, real-time view. Companies can manage multiple accounts across banks, initiate payments directly from those accounts, and automate routine workflows without card rails. Common use cases include payment initiation, automated reconciliation, and expense tracking. Rules and webhooks reduce manual entry, cut errors, and speed cash flow. With Genome, you get access to Open Banking-powered payments from clients all over Europe. This and more in a unified platform: elevated merchant services to accept direct transfers, hosted payment pages, multi-currency accounts with dedicated IBANs, SEPA and SEPA Instant rails, batch transfers for mass payouts, currency exchange, real-time notifications, and compliance-first security and monitoring - so finance teams close faster and operate with clearer control.

Start accepting instant payments across Europe

Contact Genome for more information regarding Open Banking-powered payments and other merchant services.

Is Open Banking mandatory for banks?

Yes. In the EU/EEA, PSD2 requires banks to provide secure API access for licensed third-party providers to initiate payments and access account data with consent. These rules apply to regulated financial institutions and standardize interfaces for banking data via a common application programming interface (API).

Who regulates Open Banking in Europe?

Open Banking initiatives are governed by PSD2 and related technical standards set at the EU level, with supervision by each country’s national competent authority. The EBA issues guidelines to ensure consistent application and protection of customer data and consumer financial data, including oversight of licensed third-party service providers.

How can businesses integrate Open Banking APIs?

Most businesses connect through a licensed PISP/AISP. With Genome, merchant accounts can accept Open Banking–powered payments via SEPA Instant/Credit Transfers from clients, working across multiple banks and suiting medium and small businesses that need a fast, compliant setup.

What’s the difference between Open Banking and traditional banking?

Traditional banking keeps data and payments inside a single bank’s systems. Open Banking uses standardized, regulated APIs to share data and initiate account-to-account payments with consent, giving users more control, enabling tailored financial products, and supporting new business models.