money transfers
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
Business services
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
Business services
What is the Faster Payments limit, and how does it affect business transfers?
The Faster Payments system in the UK has changed how quickly money moves between bank accounts. No more waiting days for funds to clear: people and businesses can send money and see it arrive almost instantly. This real-time payment system makes it easier than ever to pay bills, suppliers, and employees – whether through online banking or a mobile banking app. But as convenient as this is, the Faster Payments service does come with limits. Understanding those limits is key to managing your finances and bank accounts. Whether you’re a small business owner paying suppliers, a freelancer receiving wages, or
Money and you
How it works: cash pickup
Cash pickup services offer a simple way to send money abroad or to someone who doesn’t have a bank account. They provide an instant kind of cash transfer, although you need to be aware of the fees charged for this money payment service before you confirm the transfer of funds. We’ll be looking at all the relevant details to let you make an informed decision. It can be a valuable service for moving cash as part of your overall approach to international money transfers. However, you should also be aware of other transfer options, such as local and international transfers
Business services
Understanding TARGET2 payments: Europe’s centralized payment system
SEPA transfers are not be-all-and-all when it comes to payments in euros. After all, you have another option – TARGET2. But what are these transfers exactly, and how do they work? Genome’s here to help you figure this out! Learn how TARGET2 payment transactions work and what their benefits are in the article below! What is TARGET2? Trans-European Automated Real-Time Gross Settlement Express Transfer, or the short and sweet TARGET2, is a payment system used by some of the EU banks to make cross-border payments in euros. It was implemented as a part of Eurosystem’s monetary policy to enhance the