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
Business services
Everything you need to know about iGaming payments
The first letter in “iGaming” stands for the internet, which is notable. The iGaming companies were built on the web foundation and naturally rely on reliable and secure payment providers. Here at Genome, we work with such clients and know a lot about iGaming payments. Find out how they work in the article below. What are iGaming payments? Deposits that people make when playing online games, cash withdrawals that customers get after winning at online casinos, or any other online gambling-related two-sided transactions are all considered iGaming payments. Any payment solution or alternative payment method would be considered an iGaming
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
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
Money and you
Choosing the best money transfer app for your financial needs
Want to access seamless and fast money transfers while holding a smartphone? In 2024, it is a common wish for many people who want to prioritize time and convenience. According to the latest research on the topic, 40% of mobile users in 35 countries around the world will start actively using mobile financial apps in the next 5 years. Thus, such a feature will certainly increase demand. Want to learn what the primary advantages the best international money transfer app should possess? Find out below! What is a money transfer app? A money transfer app is a digital tool that
Business services
The best free business bank account: a comprehensive guide for 2024
Banking is becoming a very competitive sector, with financial institutions diversifying the features and services they offer. In 2024, you can find anything, from dedicated IBAN accounts to exclusive cashbacks. But what about a free account for your company? Well, where there’s demand, there’s supply. In this article, our team will explain the essential features a free business bank account should have in 2024 for the business banking needs of small businesses and sole traders. Why does a free business bank account matter? A business bank account (also known simply as a business account) is a type of account financial
Product news
Unlock the full potential of SEPA Instant transfers with Genome!
In today’s fast-paced world, speed and efficiency are more important than ever, especially when it comes to financial transactions. Our team at Genome knows that all too well, and we are happy to share the news about our transfer feature! Genome’s game-changing SEPA Instant Transfers are now available for outgoing payments as well! Now, you can send and receive transfers in euros within seconds. Such a transfer option is perfect for the momentary, cost-effective day-to-day financial operations and business transactions within the Eurozone. Note that the payer’s/beneficiary’s financial institution needs to have the SEPA Instant scheme integrated so they can