SEPA Transfers
Product news
Introducing the Verification of Payee (VOP): no more misdirected SEPA Transfers!
At Genome, we are always on top of your security, implementing the necessary features to keep your money and data protected, as well as safeguarding transactions from errors. The Verification of Payee service is perfect for the latter! As of next week, we are implementing a Verification of Payee, a huge security and quality-of-life feature. It will apply to SEPA Transfers within Genome, for both personal and business wallet users. Verification of Payee (or in short, VoP) is a security measure in the SEPA payment system designed to combat fraud and misdirected payments. It verifies that the name of the
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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
Business services
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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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,
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
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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.
Business services
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 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
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Currencies in Europe: what you need to know
Europe is not all about euros! After all, countries maintain their own currencies, each with unique value and history. And sometimes, especially when you travel across Europe, knowing more about those currencies and having a way of quickly using them can save you a great deal of headaches. In this article, Genome’s team will review common currencies in Europe so that you’re always aware of currency exchange options when conducting business or just visiting Europe. Why Europe has multiple currencies The abundance of different currencies within Europe shows its complex history, national identities, and economic policies. These factors greatly contributed