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, we’re 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 financial

Just like everything in the modern world, making bank transfers, and especially international ones should be a simple and quick thing to do. However, instructing such a transaction can be still tricky and challenging with all the confusing information and data to be provided. So let’s look at one of the crucial parts of creating a cross-border transfer – the SWIFT/BIC code. We will discuss what is this mysterious number, why it is needed, and where to find it.  What is a SWIFT code used for? To understand it better, a SWIFT number can be compared to a postal code.

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, we provide 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

It has a while since we’ve last posted a month in a review blog, but there was a solid reason. Our team has been working on many features and updates, and today we would like to tell you about some of the most essential things that happened in recent months. Thus, let’s see what Genome’s got in store for you! Keeping merchants up to date with the numbers Merchants’ success relies on multiple factors, and metrics analysis is definitely one of them. You will feel more confident running your company when you know the real-time situation with chargebacks, chargeback ratio,

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, 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, if you

Having a secure, swiftly-operating merchant account is what being a Genome’s client is all about. But there is more to managing your company’s finances than that. We are talking merchant reports – a feature that allows you to quickly access all the data you need to monitor and analyze your account’s performance.And recently, we’ve developed four new reports. All of them are at our clients’ fingertips on Genome’s dashboard, after they start a business and a merchant account. Find out more in the article: The difference between business and merchant accounts: what to choose. So, here are the merchant reports our

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 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 you

It’s the beginning of the year, and Genome’s team already has so much news and updates to share with you! We also hope that your 2021 started great and that we can make it even better with new features and services coming out this year.  Thus, without further ado, let’s see what occurred on our platform in January. Advising on how to start an online shop  Due to lockdowns around the world, many retail shops had to expand their presence by diving into e-commerce. If you are thinking of following this path, but not sure how to approach it, then

There are so many things to banking that some topics aren’t as discussed as others. Unfortunately, the alternative payment methods (APMs) fall into the category, unrightfully so! You see, the APMs are the alternatives to cash and card payments, but throughout the years they became quite widespread and functional.  Check out Genome’s article “Are Alternative Payment Methods the New Banking King?” to find out what it is about APMs that customers prefer. Here are some of the riveting points described in the article to pick your interest. Alternative payment methods drive diversity in customers’ options A great thing about APMs

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