money transfers
Business services
Automate high-volume payouts: how to streamline mass payroll and supplier payments
More new clients, more business partners, bigger teams, and a variety of suppliers inevitably lead to questions about how to manage it all. Have you ever wired hundreds of thousands to the wrong vendor? Made wrong tax settlements? There are many, many occasions when human error can occur when it comes to instructing mass payouts. The decision to automate high-volume payouts is preferable, but it also has some tough moments that can completely ruin the payment integration. This guide will walk you through potential instances where manual mass payments can break down, what changes once your business automates the process,
Money and you
Money transfers in Europe: which option is better?
Imagine a scenario: you’re trying to pay your rent in Berlin or send money to Europe for a birthday gift. While doing it, you see a screen asking if you want to use the “SWIFT” or “SEPA” option. This is where knowing the difference matters, especially if you want to avoid unnecessary fees. Money transfers in Europe can be a complicated subject. Because, despite the EU’s best efforts, the continent is still a patchwork of different “rails.” The Eurozone uses SEPA, the UK relies on its own Faster Payments system, and everything else is often routed through the global SWIFT
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,