Financial institutions come up with many solutions to allow customers to navigate the banking sphere more accessible and straightforwardly. Direct debit payments are one such tool. In this article, Genome will explain what direct debit transactions are and the benefit of direct debit. Direct debit: meaning of the term A direct debit transaction is a payment method used for collecting payments. Using direct debit, the account owner authorizes the third-party (different kinds of businesses and merchants) to pull funds from the said account to pay for the company’s products or services. The clients must notify their financial institution that they

There are so many kinds of money transfer options worldwide that not even financial experts can name all of them on the spot. But in many cases, various transfer types are grouped by common purposes or other metrics.  It is where cross-border payments come into place, as multiple money transfer types can be classified as such. In this article, Genome explains what cross-border wire transfers are and provides cross-border transaction examples, so you can select the option that suits you the most.  Cross-border payments: meaning of the term Cross-border transfers are a method of sending funds during which the sender

The article was updated on 01.10.2024 Whether you’re managing personal finances or running a business, the right type of bank account is essential. Both individuals and businesses have unique needs, and the financial industry offers a variety of accounts to meet these demands. In this article, we’ll break down the different types of bank accounts, helping you find the best fit for your financial goals or everyday banking.   What are the main types of bank accounts? Yes, you do need a bank account in a modern, technologically advanced world. Not only if you own a company but also for your

Our team recently released an extensive article that covers the main examples of financial institutions. In it, when talking about internet banks, we also mentioned the phenomena of electronic banking and internet banking. And it is an interesting topic in itself. So, Genome’s team decided to elaborate on the topic a bit more. Find out what are the different types of online banking in this article. Electronic banking: types of e-banking With a name like this, what you see is what you get. Electronic banking, also known as e-banking, is a method of provision of different financial services to customers

Some people commonly consider financial institutions to be synonyms for banks. But financial institution is a much broader term. It includes many types of international financial organizations which provide different kinds of services.  Want to learn more about banking institutions across the board? Genome’s team is here to explain the most common types of financial companies. Let’s proceed! Financial institutions: definition The “financial institution” meaning is quite simple. These financial entities provide services to individuals, businesses, and/or merchants. For example, financial companies are involved in various operations, such as transfers, monetary transactions, currency exchange, loans, investments, etc. Such institutions are

Most banks and financial providers now have apps or web pages using which clients can access banking services via the internet. Still, secure payments and features must remain a priority not only for said providers but for clients as well.  That’s right – you also need to play your part in ensuring a safe online banking experience. How can you do that? Genome will explain everything! Find out how secure online banking is and what is the safest way to shop online in this article! Is online banking safe? Let’s get our definitions straight first. Online banking is a type

Working as a freelancer is an experience like no other. For one, you are not bound to one company and workspace and free to choose the task that suits you better. But, on the other hand, you still need to pay a lot of attention to your income flows and ensure it’s secure at all times. To keep your finances in check, you may consider opening a bank account for freelancers. And here’s where Genome’s team comes to help! In this article, we will list what things you need to take into account when choosing the best business bank account

If you are starting a company, chances are the thought of opening a business account must have crossed your mind at least once. But what if your business is a small one, and you aren’t exactly sure what you need? Well, Genome has all the answers! In this article, we will explain what a small business bank account is and what attributes the best bank for small businesses must possess.  What are business accounts for small businesses? When it comes to financial services for small businesses, a business account is the first thing you will need. On the surface, it

Security is the backbone of all financial institutions, including internet banking, and they have to constantly update their safety features to keep up with existing threats of today. But people should also remember that security is a two-way street, so they also need to be proactive in making sure their funds are safe. Genome is here to explain how to keep your bank account safe online and how safe digital banking is.  Digital banking and banking apps: what are all of these? Before answering the “How safe is online banking” question, let’s first understand what it is.  First and foremost,

Money transfers are integral to any person that uses the financial services of banks or payment service providers.  It is no wonder that there are many types of transfers, such as ACH or wire payments. So, our team at Genome decided – why not explain what ACH and wire transfers are and the difference between wire transfers and ACH? Let’s get to the bottom of this right away! What you need to know about the ACH bank transfer The ACH money transfer is an electronic payment method made with the help of the Automated Clearing House network. This way, the