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

Businesses worldwide are as diverse as they come: startups and corporations, low-risk and high-risk, traditional and e-commerce, etc. So, it is only fair for the financial industry to present these various companies with different types of business accounts.  Let Genome help to figure it out for you. In this article, we will explain the main types of corporate accounts, so you can determine which of them suits your company the best. Types of accounts in a business-financial world First and foremost, let us clarify: yes, you do need a business account if you own a company. The account will help

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

The passing year was full of events, and Genome is no exception. We had a lot of work to do. And as a result, we delivered many new features!  Today, we wanted to review the whole of 2022 and tell you about some of the most important updates and news regarding Genome – in no particular order.  The year of contactless payments What can we say? For Genome, contactless payments have become a factor of a monumental shift in 2022. As you know, we operate entirely online and want our services to reach as many clients as possible. And contactless

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

Money transfers are one of the first features you look for when choosing a financial provider. So, it was crucial for our team at Genome to design and offer you the most essential and convenient options for sending funds.  Let’s go over our money-transferring services and answer your questions about our features. Where to find Genome’s transfers? You can access all Genome’s transfer options from the main dashboard. If you use the web version, the Transfers section will be in the left-side menu. And for the app users, the Transfers section is situated below, between the icons for the Dashboard

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