Instant SEPA Transfers
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A complete guide to unified payments interface (UPI)
Unified Payments Interface (UPI) is an instant, real-time payment system used in India. It allows users to move money easily between bank accounts at any time through a mobile application. The UPI app provides a low-cost approach that has revolutionized instant payments here. How does it work, and will it change bank payment processes across the planet? While UPI is currently only available in India, we’ll be looking at how the Genome fintech platform offers secure, compliant alternatives for global business. Read on to get the basics of Unified Payments Interface explained and understand how to use this or an
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Open banking transactions: a guide for merchants using Genome
The payments world is shifting rapidly, and one of the most significant changes is the shift toward open banking. How does it differ compared to traditional banking methods? Open banking refers to the practice of allowing your bank to securely share your financial information or make payments with other authorized financial service providers. If put simply, open banking occurs when third-party apps can directly interact with your bank accounts, rather than you having to log into each bank individually, which is essentially why it is called open. At Genome, we adopted open banking tools to respond to strong demand for
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What are Faster Payments? A complete guide
The Faster Payments system (sometimes referred to as FPS) is not just a regular payment system, but one of the few UK interbank payment systems that enables payers to make instant payments. Instead of waiting days for transfers, users can send funds instantly, and FPS will process payments the same day. In this guide, we’ll explain what Faster Payments really are, how they work, and how they compare to other systems. What is the Faster Payments Service (FPS)? The Faster Payments service is a United Kingdom-based payment system introduced by the UK Payments Council (now Pay.UK) in 2008. From the
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What is a local IBAN and why does it matter for your business?
An IBAN, also known as an International Bank Account Number, is a tool that people and companies widely use to receive or send money to different countries. An IBAN format is an internationally agreed-upon format that consists of up to 34 letters and numbers, helping banks ensure that international payments are processed correctly. Each set of characters represents a different detail of your account number, including country-specific specifics. So, what are the pros and cons of a local International Bank Account Number, and does it really matter? Spoiler – it does, for some banks and clients at least, but for
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What is a money transfer API? A complete guide
We aim to explain what APIs (application programming interfaces) truly represent and how financial institutions utilize API banking to facilitate money transfers. The reason for that is twofold: first, the growing popularity of using API to send money or utilize other financial services, and second, Genome, as a provider of API-driven payment tools, sometimes faces questions from clients such as “What is banking API,” “Do I need API for a bank account,” and so on. Discover what API banking is and how Genome utilizes APIs for its financial services below. What is an API money transfer? In broad terms, a
Money and you
TARGET2 vs. SEPA: key differences explained
When comparing SEPA and TARGET2, it is essential to begin by explaining that both are integral components of the European payment system. They can both be described as foundational systems that allow the European Central Bank to ensure cross-border payments are smoothly controlled and carried out efficiently. The main difference is that SEPA and TARGET2 (T2) have different use cases. One is widely used for retail payment processing, while the other is best classed as a wholesale payment system. By looking in more detail, we can see how commercial banks can use these methods to meet client demands more effectively.
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How to make VAT payments online as a business owner
Value Added Tax (VAT) is a standard component of business operations in 175 different countries, including the EU countries. In fact, the European Commission plays a central role in shaping VAT rules across the EU countries. It is a type of consumption tax that is often confused with sales tax, but it differs significantly in structure. Countries use either sales tax or VAT to tax consumer spending, but they collect them in different ways. Still, VAT is more complex due to its refund system for businesses, which makes those fiscal responsibilities even more critical. To sum up, VAT differs from
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How to attract investors for an iGaming business: a guide for 2025
The online gambling business is in good shape, a rapidly growing industry with an enormous 5,42% annual growth rate for 2025-2029, which is more than the expected GDP growth in many countries. Global iGaming market trends indicate it’s a worthy investing pool, and it provides many opportunities for rapid growth for iGaming businesses. In this article, our team explains how to attract investors for iGaming business companies, providing some tips on what you can do to succeed. Understanding the iGaming market landscape First and foremost, why is the iGaming market in such a good position? If we take a look
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What is an ACH payment? A complete guide to Automated Clearing House transactions
ACH payments (Automated Clearing House payments) provide one of the most important ways of moving money between banks in the US. It is regarded as a highly efficient and secure method of making transfers from one bank account to another, making the ACH transfer process extremely popular in different industries. What are Automated Clearing House (ACH) payments? ACH payments are electronic transfers between financial institutions in the US, involving transfers from one financial institution to another across the ACH network. ACH transfers are typically used for transactions, including bill payments, paychecks, and recurring monthly debits. Social security payments and tax