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

Unfortunately, bank scams are something that people have been dealing with for decades: the general premise stays the same, but fraudsters tend to switch scenarios to adjust to the topical events.  Thus, this year there have been reports of scammers using the panic caused by the pandemic to their advantage. For instance, American households were targeted with phone calls offering relief payments on the behalf of governmental institutions and fraudsters were wheedling out people’s bank account data in the process.  Lots of European countries also faced scammers, with over 400% increase of coronavirus-related fraud claims in the UK in March. In this blog post,

This month Genome is talking bank cards and everything you should know about them. Last time we described the most common types of credit and debit cards.  But there are more important factors to take into consideration while choosing the card, and today we are covering the specifics for both individuals and businesses who are in search of the best credit/debit card for them.    Choosing the right credit card/debit card for personal use Most people will need a bank card for personal reasons at one point in their lives, whether to get salaries, for convenient contactless payments or to send

Bank cards have been common everyday objects for decades, for both businessmen and people that use those for personal needs. Especially as current events are putting contactless payments on the front burner. And the great thing is that banks had come up with a plethora of card types that can satisfy most of the requirements imaginable. So today Genome‘s team is taking a look at the main features of credit and debit cards, as well as exploring the variety of cards there are so that you can determine, how to choose the right card for you.  Debit cards Also known

We at Genome are proud to partner with companies that can help to enhance our services to the maximum potential. And Onfido is a great example of such. So we’re proud to announce the full case study, where you can get more insights on how Genome benefited from using Onfido. Onfido is an identity verification service that utilizes AI technology to prove a person’s identity and is used by businesses around the world within different industries like e-Commerce, gaming, healthcare, travel and vehicle hire, and financial services. We found out more about Onfido while looking for a company that would

The need to send money to another country might hit you anytime – both for your personal or business needs. Thus, knowing what to do in this situation is important, and Genome got you covered. In this article, we will describe the best ways to transfer money internationally, so that you can understand which one is the most beneficial for you. International transfer companies If you or a person/business to whom you send the funds don’t have a bank account, you can use international wire transfer services. Companies that provide these have branches in some countries and allow you to