We live in the world of instant transactions and fast payments. Technology shapes the way we consume and gives us new habits. Virtual cards exist a while on the market, thus only since recently we experience the shift to contactless payments. In this Genome article, we will dive into the virtual card phenomena, how it works, how secure it is, and how to set it up. Why did virtual cards become so popular recently? Since the pandemic, the payment situation all over the world has changed rapidly and effectively. According to Visa, governments do support more than ever contactless payments

Setting up direct debit payments seems to be easy – you just have to sign a mandate with the organization. Then, for months, you do not have to care about making your payments in time. But what about cancelling these recurring transactions? Read on and find out how to stop direct debits in Genome‘s blog post below! Make sure it’s direct debit or recurring payment Even though both direct debit and recurring payments work on the same principle, these are two different types of transactions. As a result, their cancellation methods are not the same. In recurring payments, the money

Did you know, there’s a way to simplify some of the regular payments you make? That’s right, today Genome‘s team will introduce you to the concept of direct debits and how they work. When is direct debit used? Let’s first uncover the direct debit meaning. Direct debit is a type of pre-authorized payment that makes regular transactions for variable amounts safer and faster. Also known as a pre-authorized debit (PAD) or pre-authorized payment (PAP), these transactions work the other way around compared to when you initiate transfers yourself. Paying direct debits means that you authorize a third party to withdraw

If you’ve ever asked yourself the question: “Is IBAN the same as SWIFT?”, this article was created just for you. SWIFT/BIC, IBAN, routing number, bank account number… What are all those and how to differentiate them? What codes are required exactly to make cross-border transactions? In this blog post, Genome is shedding the light on all the above confusing terms and explain what information you need to order international transfers.  What’s an IBAN? An IBAN is deciphered as an International Bank Account Number. It’s an essential code when it comes to sending money internationally. Basically, it’s a number that facilitates

Article was updated on 05.11.2024 Just like everything in the modern world, making bank transfers, especially international ones, should be simple and quick. However, making international payments can still be tricky and challenging, with all the confusing information and data that must be provided.  So, let’s look at one of the crucial parts of creating a cross-border transfer – the SWIFT / BIC numbers.  Genome‘s team will explain what BIC and SWIFT codes are, why they are needed, and where to find them.  What is a Bank Identifier Code (BIC)? BIC stands for Bank Identifier Code and is a number

SEPA bank transfers might still be a confusing topic, especially with the UK having left the EU recently. You may wonder if the SEPA area is diminishing, why it was established in the first place, and what are the rules and regulations for sending and receiving euro transfers. In this blog post, Genome provides essential information on the SEPA system in 2021: its member countries, what happened with the UK, and if it’s possible to make SEPA transactions if you’re physically not in one of the eurozone countries. When did SEPA start? The discussions and preparations for implementing SEPA (Single

Thanks to the constantly developing finance industry, millions of wire transfers happen every day, and people have no problems using this feature. Even if you didn’t hear of a “wire transfer” before, you might have already made these, just under their different name. So, join Genome, let’s dive into what are wire transfers exactly, and uncover some of the attributes that are not as apparent about it at first.  What is a wire transfer? This is a process of sending funds from one bank account to the other, or between the transfer agencies, that happens via electronic means. Simply put,

Many types of accounts cover pretty much everything that people look for – from checking and brokerage to savings. But what about the basics? That’s right, today we’re talking about business and merchant accounts! You see, not all clients are sure if they need both of these accounts, and what their purpose is. That’s what we will talk about in this Genome article.  What is a merchant account? Do you need one for a business? A merchant bank account is a type of bank account that allows companies to accept electronic payment transactions for their goods and services. So, if

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

Article updated on 24.05.2024 Recent years have shown that moving your business online, at least partially, benefits your company. There are lower maintenance fees, fewer employees to locate in office spaces, and more customers you can reach online.  And, as more and more ecommerce businesses appear, it is crucial to stay up to date with the latest industry trends to keep your relevance to clients.  Learn the best techniques that will help you increase ecommerce sales. Understanding ecommerce fundamentals Ecommerce is a type of business that involves selling goods and services online. It encompasses various business models, from retail and