Open an Account at Satchel Payment System

Satchel, founded in Lithuania in 2018 under the brand SatchelPay, initially positioned itself as an innovative payment solutions provider. Having received an electronic monetary institution (EMI) license from the Bank of Lithuania, the company was able to enter the international market and offer modern financial instruments for businesses and private clients. Subsequently, the brand was updated to Satchel to emphasize the expansion of the range of services and focus on digital solutions.

Services and capabilities

Satchel provides a wide range of financial management tools:

• Multicurrency IBAN accounts are unique European details that allow companies to conduct international activities.
• Physical and virtual cards are convenient tools for everyday settlements and online payments, including corporate solutions.
• SEPA and SWIFT transfers - support for both domestic European transactions and global settlements in different currencies.
• White-label solutions and Banking as a Service (BaaS) — the ability to integrate payment infrastructure and issue cards under the client’s brand.
• Services for entrepreneurs and small businesses — separate products for freelancers, online marketplaces and startups.

Partners and support

Satchel cooperates with leading international payment systems, including Mastercard, which allows it to issue cards and ensure their global acceptance. The company also develops sustainable development initiatives, supports sports projects and is actively involved in the life of the Lithuanian and European business community.

Satchel advantages

• Reliability and regulation
  The company’s activities are regulated by the Bank of Lithuania, and customer funds are kept in segregated accounts, which guarantees a high level of protection.
• International coverage
  Satchel supports more than 30 currencies and serves customers around the world, providing convenient conditions for cross-border payments.
• Flexible infrastructure
  Thanks to the API, clients can integrate payment services into their applications and projects, which is especially important for fintech companies.
• Convenience and speed                                                                                                                                                                                                                 Accounts are opened remotely, without visiting the office, which makes Satchel an attractive solution for international entrepreneurs.

What is needed to open an account and terms

The process of opening an account in Satchel usually takes from 5 to 10 business days, but in some cases it can last up to a month.

For individuals, the following is required:

• A passport or other document confirming identity;
• Proof of residential address.

For companies, it is necessary to provide:

• Registration documents of the organization (certificate of registration, charter, etc.);
• Information about directors and shareholders;
• A description of business activities and business model;
• Information about the ultimate beneficiaries.

The identification procedure is carried out remotely, most often via video call. After passing the verification, the client gets access to all services and can use Satchel to work with finances.

Conclusion

Satchel is a modern European payment institution focused on international business, startups and private clients. Its strengths are multicurrency, flexibility of solutions, fast online account opening process and high security standards.

If you want to quickly and conveniently open an account in Satchel, IT-OFFSHORE will help you prepare all the documents, pass the verification and connect the necessary payment instruments for successful business.