genome update

Genome’s month in review: December

It is finally here – a blog post about the last month of 2020, and what a month it was! We definitely have a lot to tell you before the year ends. So, let’s get to it, as the time for celebration is just around the corner!

Uncovering the importance of Open Banking

We believe that many people have heard of Open Banking, but not all of them know the extent of it, and the influence it has on the financial industry. 

Though it was implemented as a part of PSD2 in the European Union in 2018, other countries are peaking up the concept and working on their version of Open Banking.

But the best part is that Open Banking brings out a lot of benefits for both clients and merchants, giving them access to more fluent, next-generation banking services, like those Genome provides. Find out more about the significance of Open Banking in our blog. 

Discussing the next exciting innovations in banking

The month of December turned out very educational about new technologies and concepts that can change banking for the better. First with Open Banking, and then followed 5G.

Genome’s COO Daumantas Barauskas was interviewed for The Banker, elaborating on what the 5G technology is, and how it will influence and improve the banking sphere when its global deployment is finished. Find out which great services you can look forward to by checking out the interview. 

Adding more localization options to the product

As you might remember, in July Genome’s dashboard became available in five more languages, in addition to English. These were German, Italian, French, Spanish, and Norwegian.   

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So, why not broaden our localization options even more? Our team did exactly that, and now Genome is also available in Lithuanian, Ukrainian, and Russian. If you need to switch, change the language option before logging into my.genome.eu. 

Discovering the effects 2020 had on banking and e-commerce 

It’s not completely fair to enter 2021 without looking back at how this year’s events changed banking and e-commerce – two industries that are very close to our hearts.

Although many spheres struggled during lockdowns, Fintech companies, and online shops, on the contrary, were well equipped to withstand the uncertain times, showing once again that digital transformation is something every company should embrace at one point.

Also, to stay up to date on how these industries change, we advise you to follow Genome’s social media, where we post relevant infographics, that encapsulate certain trends. 

Being acknowledged among other Lithuanian Fintech companies 

Just as the year ends, Genome was featured in the article published by the Fintech Baltic “Lithuania’s Fintech Industry in 2020: Review of This Year’s Key Developments”. It was said in it, that Genome had one of the most significant growth in 2020, as was shown by its total amount of payment transactions between Q2 2019 and Q2 2020.

This data was originally presented by the head of the Fintech Hub LT association Vaiva Amule during the virtual event “Wrap up of 2020: Fintech Scene in Lithuania”.

Vaiva Amule mentioned, that Genome was among the top ten Fintech companies in Lithuania by the total amount of payment transactions initiated within a year (Q3 2019 – Q3 2020), which is “an inspiring achievement”.

Moreover, in the second quarter of 2020, Genome experienced the second-largest growth in the total amount of payment transactions among those Fintechs per year, as the number reached over €380 millions (14 607%). During this period, our company showed the most significant income growth of 2650% related to the provision of payment services per year, compared to other Lithuanian Fintechs.

Giving a grand shout out to Genome’s best features of 2020

We couldn’t end the year without mentioning the best updates and features our team released in 2020. We believe that each client will find at least one thing from the list thrilling: from cards pre-order and referral bonuses to new features and integrations with marketplaces.

And remember, that everything we do is with keeping our clients’ convenience in mind, hence we are always open to your feedback! With that said, we wish you happy holidays and already looking forward to working with you in 2021!