To common users of banking services, money transfers are money transfers. As in, you don’t consider them complex: just a tool to send and receive funds. But then, you face a plethora of terms like bank transfers, wire transfers, electronic payments, online transfers, and so on. And you start to wonder – “is there a difference between all of these?” and “what should I use?”. Well, let’s figure it out together! In this article, Genome will primarily focus on bank transfers and wire transfers and how they differ and compare wire payments to other transfer options as well. Wire transfer:
Not only is Genome proud to be a part of Lithuania’s Fintech landscape, but we are now also facilitating payments for Lithuanian national parking, after winning a tender.
It means that any driver can now pay for parking fast and securely if they are in Vilnius, Kaunas, Klaipėda, or Trakai, as we help out around 30 thousand customers per month. The Municipal Enterprise has updated its infrastructure to accept more transactions and provide clients with delay-free services. The decision to widen available payment methods options grew because previously it was available only for Mobile operators’ clients with monthly subscriptions. That forced tourists and foreigners to use physical cash machines, get tickets, and place them near the car windshield afterward. But with the added credit card payment method, this procedure will become rightfully obsolete.
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So, how does it work?
- If you need to park a car in Lithuania – download this app, which is available in both Google Play and App Store.
- Log in to the app and complete a registration process, then move to the add card page – that’s when Genome gets involved.
- Card data is entered on the white-labeled Genome payment page. While the customer is adding a credit card to the parking app, Genome requests the application to send a 0 amount transaction and tokenizes card details for safety reasons. Everything is ensured with the highest security standards since Genome has a PCI-DSS Level 1 certificate. The tokenized card is saved in the app for future transactions. Thus no additional efforts from customers are needed. And for customers, it’s a super easy process – park your car, select in the app parking zone and click “activate.”
- After this, your authorization starts, it lasts for two hours and tracks the parking time to count the cost accurately. If your car is parked for over two hours – don’t worry, you will be charged for the past two hours, and then the new authorization session will begin.
We’d also like to mention that if you want to add Genome payment method to your application, we are currently developing SDK, which is perfect for swift and seamless integration.