money transfers
Money and you
SEPA vs. SWIFT transfers: key differences explained
SEPA (Single Euro Payments Area) is a European payment scheme that enables euro transactions across participating countries, making domestic-style transfers possible across borders. It’s designed for payments in EUR between bank accounts held at a bank in the SEPA zone. It has rules around formats, timelines, and fees, especially for SEPA payments. SWIFT (Society for Worldwide Interbank Financial Telecommunications), by contrast, is a global messaging network used by financial institutions to route payment instructions worldwide. It’s often associated with cross-border wires and correspondent chains, which is why swift payments can involve more intermediaries, variable fees, and less predictable settlement speed.
Business services
Mass payouts for business: How they work and why use them
Mass payouts have gained popularity as a preferred payment method. This increasing popularity is because payment processing can prove to be problematic for businesses. Sending a large number of payments individually is time-consuming and introduces the risk of human error in the process. It is where the benefits of mass payments can be crucial in financial transactions. These are bulk payments that help companies save time by introducing a more efficient process that fits their needs. We’ll be looking at how to choose mass payment solutions and what you need to know about using them. What are mass payouts? In
Business services
What is a virtual IBAN, and how can it help your business grow?
A virtual IBAN is a digital account identifier for an international bank account number. It looks exactly like a traditional bank number with a country code and standardized format, but it’s not generated from a physical bank account. Having a virtual IBAN account provides a way to accept payments from different countries seamlessly. Virtual IBANs mean that accepting international payments is easier than ever before. There is no need to waste time setting up separate bank accounts for each country or region you deal with. Learn more about such accounts, as well as Genome’s virtual multi-currency IBAN accounts! Virtual IBAN
Money and you
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
Money and you
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
Business services
SME banking in Italy: options, trends, and best practices
Practical banking solutions are vital to ensure good SME banking in Italy. Small and medium enterprises in the country are increasingly using digital banking and fintech solutions alongside the traditional Italian banking system to meet their needs..We’ll be looking at all the key aspects of banking designed to support Italian small and medium-sized businesses. It includes accounts, loans, digital tools, and EU support for clients. Find out the practical advice needed for Italian companies to carry out a digital transformation of their banking. What is SME banking? SME banking is designed to give small or medium-sized enterprises access to the
Money and you
What is SWIFT gpi? Overview, benefits, and how it works
Since its launch in 2017, SWIFT gpi has achieved a high level of industry adoption across the globe. This is due to the way that it has helped improve various aspects of international payments. Financial institutions and businesses that carry out trades can now track international transfers more easily, adding more transparency to other benefits such as increased speed and certainty. Genome enables business wallet clients to send and receive international transfers using the SWIFT network, offering a broad global reach. You can send and receive payments from over 40 countries. Moreover, we cover a wide range of currencies: USD,
Money and you
Difference between CHAPS and Faster Payments
When looking at CHAPs and the Faster Payments service, it pays to make the right decision. Cost is one of the key factors when choosing between these two methods of sending money to a recipient’s bank account. Business efficiency is another point to take into account when looking at recurring bank transfers or one-off payments. To make the right decision, we need to look in depth at these payment types and how they work. What is CHAPS? The question of what a CHAPS payment is is easy to answer. It is the Clearing House Automated Payment System, used for same-day,
Money and you
Italian fintech map: trends and what to look for in 2025
The Italian fintech map for 2025 shows an exciting scene where several key factors are set to capture our attention. To start with, the Bank of Italy oversees the PSD2 (Payment Services Directive 2), which has been created to boost the payments market by encouraging innovation and security in the fintech sector. SEPA adoption is ramping up here, with instant credit transfers to be made available this year, creating a new challenge for banking apps that the Italian fintech companies will be looking to resolve. This European country has seen tremendous growth in its digital banking culture. With more people