international money 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
Business services
Understanding batch payments: a comprehensive guide
A batch payment feature is yet another financial tool bigger companies need to expand their business. It allows them to make multiple payments to multiple recipients in one transaction instead of different transactions. In this article, our team will explain how a batch payment processing system works and why such a feature can be a game-changer for businesses, customers, and transaction processing. What are batch payments? Batch, bathes, mass, bulk transfers, etc. You may already hear some of these terms. All of them usually refer to a batch payment service. As the name suggests, it is a process of grouping
How to's
Genome expands with 4 more currencies – 11 total for your use! How to benefit from them?
In October 2024, Genome introduced Polish zloty (PLN), Swiss franc (CHF), Japanese yen (JPY), and Canadian dollar (CAD) as new currencies for your accounts and other services. Then we thought – why stop there? And thus, later on, we introduced 4 more new currencies: Czech koruna (CZK), Hungarian forint (HUF), Swedish krona (SEK), and Australian dollar (AUD). This brings the total number of currencies in which you can open an account to 11, including our originals: euro (EUR), US dollar (USD), and British pound (GBP). So, how can you use and benefit from all these currencies inside Genome? Let’s take
Business services
Everything you need to know about CHAPS payments
We are used to discussing euro payments in our blog. But what about other transfer options? For instance, CHAPS payments are a specific transfer method used in the UK. Although you can only make a CHAPS payment in British pounds, it still can be very effective for a couple of purposes. Want to learn which ones? In this article, you will find out what CHAPS payments are and how to make a CHAPS payment. What is CHAPS? CHAPS stands for the Clearing House Automated Payment System, which is used for receiving and sending money within the United Kingdom in GBP
Business services
Finding the best online business bank account
Having the right business bank account is a crucial step for any company to take. This will let you carry out your business banking processes and keep control of your funds. Read on to find out how to compare and identify the best online business bank account options. Key features of an online business bank account You need a useful business account that is going to let you send and receive transfers effortlessly, as well as keep track of your financial transactions with the help of the following key features. Accessibility and convenience 24/7 access means online business bank accounts
Business services
How to choose the best business bank account for startups
Choosing the right business bank account is vital for a start-up to manage its finances efficiently. At this important stage in the company’s development, the right business accounts can help start-ups in several ways, which we’ll look at here. Genome is an innovative electronic money institution that offers a selection of comprehensive business account solutions. We have useful options for anyone looking for a solid startup business account to start accounts, get cards, and make bank transfers locally or worldwide. We’ll be looking at the points to consider when looking for the best startup account for a growing business based
Business services
Understanding BACS payments: a comprehensive guide
A BACS payment is an electronic transfer of money made between banks in the UK. As one of the most popular and efficient methods of moving cash, it’s become a hugely important aspect of the financial world, with over 140 billion transactions carried out since it was established. BACS stands for Bacs Payment Schemes Limited now but was originally known as the Bankers’ Automated Clearing System. This process was introduced in the late 1960s to avoid the delays and paperwork involved in using cheques as a bank payment system. Read on to find out how BACS transfers work, the BACS
Business services
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
Business services
International business payments: a comprehensive guide for 2024
Cross-border transactions are one of the main pillars that make business truly international. Companies of all sizes constantly engage in international payments, navigate through currency conversions, and use different payment methods. In this article, our team will cover the most common ways to make cross-border payments and explain how international payments work. What are international business payments? International business payments are financial transfers made between companies or companies and individuals for business purposes. The payer and the beneficiary are located in different countries, so such transactions are considered international. Many transaction types can fall under the broad international business payment