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

2020 – what an impactful year, and challenging, no doubt. Lots of people and businesses had to essentially change the way they operate and go through life. But all the hardships pushed the transformation within many industries – banking and e-commerce included. And as both topics are close to Genome’s heart, we’ve decided to sum up how the events of 2020 influenced these two spheres. The snowball effect of non-digitalization  In 2008, the global financial crisis shacked not only the financial industry but people’s trust and perception of a traditional banks’ model. This event also pushed some financial professionals to dive into

The concept of Open Banking is still very new, but is taking Europe and other parts of the world by storm. Though a lot of people heard about it, not all completely understand, what it entails, and how both businesses and customers can benefit from it. So let’s fill in the blanks with today’s article on the matter from Genome. PSD2 and Open Banking  If you are familiar with Genome and fintech lingvo, chances are you have already heard about PSD2, which is a Revised Payment Services Directive, implemented in the European Union in January 2018. We’ve covered the topic before

Business is not all about developing products and growing your brand. Some things don’t come to mind at first but are crucial. We’re talking rules and legislation the company must abide by to see their business live long and prosper, so to say.  Merchants from the EU know what it’s about, as they have to deal with both GDPR and PSD2. And speaking of the latter, the PSD2 compliance is on the front burner. You see, in less than two months, the EU companies are expected to fully implement the strong customer authentication, which is a part of this EU

Please note that Genome’s merchant services have been temporarily unavailable since September 2024. Mastercard has made crucial updates to its compliance programs globally, which also applies to some of Genome’s clients. Particularly, if you are a merchant from Europe, except for Germany, Switzerland, and Liechtenstein, this blog post is for you.  The updates involve the Excessive Fraud Merchant (EFM) and Excessive Chargeback Merchant (ECM) compliance programs. Let’s cover what the changes are about. Number of Transactions Fraud Chargeback(4837, 4863 reason codes) Amount Fraud ChargebackBasis Points 3DS Utilization(including Data Only Tax) 1,000 or more EUR/USD 50,000 or more 50 or more

With the emergence of digital banking, more people and businesses start wondering if it’s time to switch to e-banks from the traditional ones. Some people are citing stability as the pro argument for traditional banking, others prefer more tech-savvy Fintechs. Making this kind of decision is not always easy, but Genome’s team is here to help. In this article, let’s look into the advantages of both online and brick-and-mortar banks. And then, we’ll describe their differences so that you can choose which banking format works for you. The benefits and disadvantages of traditional banks These banks are unsurprisingly something all