If the definition of the standing order sounds very similar to the one of direct debit for you, read on. We wrote this article to explain the meaning of the standing order and how it differs from direct debit transactions. When standing orders are used? The standing order payments or recurring payments automatically send a specific sum to other bank accounts regularly. At first, it may seem that direct debit transactions function in the same way. However, there are some variations in these pre-automated transfers.  We’ve already posted an article on Direct Debits here, but let’s go through the main

Article was updated on 26.11.2024 SEPA Direct Debit (SDD) is a pre-authorized payment option available in the eurozone. It works pretty much like all the other direct debit transactions, but only in euros within the SEPA area. Genome’s team will explain SEPA Direct Debit origination, the process itself, and the advantages of such transfers. What is SEPA Direct Debit? SEPA Direct Debit payments are a payment method under the Single Euro Payments Area (SEPA) based in the European Union that allows businesses to receive payments in euros directly from a customer’s bank account based on prior authorization (mandate). SEPA Direct

It’s almost summer, and we want to enter a new season with a review of what our team has done in May. Genome dedicated this month to making people’s lives easier by educating them on different financial operations. More on that – in our “Month in review” blog. Elaborating on all the aspects of money transfers The ability to send and receive money is one of the main features that clients expect from their financial institutions. But there are many aspects and options when it comes to transferring funds. That is why our team has published multiple articles discussing the

To choose the best way for saving money, a person must check deposit offers from bank institutions. And here comes the Annual Equivalent Rate which affects directly the money earned over a year. To get familiar with the term, understand the calculation process deeply, and be able to select a good deposit agreement, we introduce you to this Genome article. What does AER stand for? The AER stands for the Annual Equivalent Rate. In the financial world, the AER represents the interest rate that a depositor receives for a fixed deposit sum over a year or on a yearly basis.

The article was updated on 11.07.2024 Money matters are essential to many people and companies’ daily routines. And sometimes, they need to deal with international money transfers.  Different types of international transfers have rules and features that can sometimes be hard to follow. Genome’s team is here to help! Find out how international money transfers work, how long international bank transfers take, and how to send international payments using Genome. What is an international bank transfer? A money transfer is a process of sending money electronically between two financial institutions, bank accounts, etc.  Consequently, international bank transfers occur when you

We live in the world of instant transactions and fast payments. Technology shapes the way we consume and gives us new habits. Virtual cards exist a while on the market, thus only since recently we experience the shift to contactless payments. In this Genome article, we will dive into the virtual card phenomena, how it works, how secure it is, and how to set it up. Why did virtual cards become so popular recently? Since the pandemic, the payment situation all over the world has changed rapidly and effectively. According to Visa, governments do support more than ever contactless payments

Setting up direct debit payments seems to be easy – you just have to sign a mandate with the organization. Then, for months, you do not have to care about making your payments in time. But what about cancelling these recurring transactions? Read on and find out how to stop direct debits in Genome‘s blog post below! Make sure it’s direct debit or recurring payment Even though both direct debit and recurring payments work on the same principle, these are two different types of transactions. As a result, their cancellation methods are not the same. In recurring payments, the money

Did you know, there’s a way to simplify some of the regular payments you make? That’s right, today Genome‘s team will introduce you to the concept of direct debits and how they work. When is direct debit used? Let’s first uncover the direct debit meaning. Direct debit is a type of pre-authorized payment that makes regular transactions for variable amounts safer and faster. Also known as a pre-authorized debit (PAD) or pre-authorized payment (PAP), these transactions work the other way around compared to when you initiate transfers yourself. Paying direct debits means that you authorize a third party to withdraw

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, Genome is 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

Article was updated on 05.11.2024 Just like everything in the modern world, making bank transfers, especially international ones, should be simple and quick. However, making international payments can still be tricky and challenging, with all the confusing information and data that must be provided.  So, let’s look at one of the crucial parts of creating a cross-border transfer – the SWIFT / BIC numbers.  Genome‘s team will explain what BIC and SWIFT codes are, why they are needed, and where to find them.  What is a Bank Identifier Code (BIC)? BIC stands for Bank Identifier Code and is a number