The article was updated on 11.06.2024 Modern financial institutions offer many types of international payments, but only some are as popular as SWIFT payments. After all, the SWIFT network covers most countries on Earth and is quite flexible.  Find out what is so beneficial about a SWIFT payment, how the SWIFT network works, and how you can make an international money transfer inside Genome.  What is a SWIFT code? Also known as a bank identifier code (BIC), a SWIFT code is an integral part of the SWIFT network. A SWIFT code is used to identify a specific financial institution when

A business account is essential for any company of any size and freelancers. But which account to choose, and how to open a business account in Germany? This Genome article is dedicated to these two topics. And besides, there will be some useful tips for business beginners. Tips to manage a business in Germany Strategic points Your expertise is valuable. Identify how your know-how differs from those of your competitors. Highlight the most unique and important parts of the product or service, along with the needs it covers. Your entourage is wealth. How do you coordinate your team’s efforts in customer relations?

What’s better than having an online wallet? Having a wallet with multiple accounts that can hold different currencies. Yes, this is what a multi-currency online wallet is all about! Using it, you gain access to various currencies, which allows you to make payments and transfers with low exchange rates and store funds in a preferable currency. Today, we at Genome explore the topic of multi-currency wallets and if they are available for the euro currency.  What to know about multi-currency online wallets Online wallet is a broad term, but it usually refers to software or an application that allows storing

SEPA transfers are always a hot topic for people living in Europe. They are efficient, simple, and prevalent, of course. But if you have doubts about this option for funds transferring, don’t worry! Today Genome explains bank transfers via the SEPA network and why you may consider getting an online wallet for using such a feature.  What you need to know about bank transfers via SEPA These types of payments are pretty standard: the transfer is instructed with the help of the Single Euro Payments Area messaging network.  Said network was established as a part of the EU’s initiative to

Online banking is replacing traditional brick-and-mortar banks in different parts of the world. Yet, despite all the benefits, there are situations when we still need to use cash, physical cards, or, at least, to have them just for the sake of it. In today’s article, Genome will describe the best providers of eWallets with physical cards – how they work, if you need one, and how to select one.   What is a mobile wallet, and why do you need it We’re starting with the explanation of a mobile wallet and how it functions. A digital wallet (mobile, eWallet – we

Both personal and business bank accounts play a huge role in our lives, from daily matters to workflows. But what is exactly a boundary between these two accounts in the perspective of financial services? In this article, Genome will talk about banks, financial service providers, online banking, personal and business accounts, their common services, and their differences. What is a regular bank? A bank is a financial institution that provides banking services, including deposits, credit, and payments. This financial institution carries out credit and financial transactions. The term bank can generally refer to the banking sector. Banks play an essential

Every year, more and more service providers move online and, sometimes, to pay for something, we need to make transfers rather than card payments. The SWIFT system is the most widely used network for sending and receiving funds worldwide. And in today’s blog post, we at Genome will explain how it works and how to make SWIFT money transfers.  What is the SWIFT system? It’s an international messaging ecosystem for sharing information. This network is currently used for processing cross-border multi-currency transfers. The participants of the SWIFT system exchange messages with the required information on the amount, date, and currency of

Apple Pay was introduced a few years ago and, since that time, has literally taken over the world. Coupled with Google Pay, these are the two most widely used mobile wallets globally. This Genome article will discuss the pros of Apple Pay for private clients and businesses. Read on! What is Apple Pay, and how does it work? It’s an innovative solution that enables safe transactions and NFC contactless payments on iOS. Apple Wallet was designed to securely store one’s card information tokenized and make safe purchases using different devices, including an iPhone. It works the same way in all the countries, including

Starting a business is exciting but tricky as well. There are so many things you have to think about! In this article, we will focus on two of them: strategy and finance. We will advise how to plan your business goals and reach the audience. And after that, we at Genome will talk about business bank accounts, their functions and benefits, and guide you on how to choose one. Creating a company: useful tips for beginners Surely you would have to take care of the financial establishment of your business. But first, consider some prior things, such as goals and

The banking industry is constantly growing and introducing new financial solutions enhanced with the latest technologies. Only a few years ago, contactless instant payments and online banking as a whole were the most innovative features in numerous international markets.  In 2022, despite all the economic hardships, the banking industry was still developing and creating new bank opportunities for users. Now, we will try to look into the future and analyze the global banking trend for 2023. Learn more with Genome. Top banking trends in 2023 Some of the future major changes in finances have to do with the following:  Welcome the cryptocurrency revolution