Google is expanding its plans to offer digital banking services in the United States (U.S.) by partnering with several banks to offer digital checking and savings accounts to Google Pay users which will be available in 2021.
The 8 banks in question are Citi, SFCU, Bank Mobile, BBVA USA, BMO Harris, Coastal Community Bank, First Independence Bank and SEFCU. It was reported that Google intends to form more partnerships with other financial institutions in the future.
The Wall Street Journal was the first to announce in November last year of Google’s plans to dive into the financial services via an initiative that was dubbed internally as “Project Cache”.
TechCruch reported that Google will provide the front-end, intuitive user experiences and financial insights that will be built on top of the partner banks’ existing infrastructure.
One of its partners, BBVA, announced that this collaboration underscores its strategy to continue organically growing the bank throughout the U.S., even as it deepens its transformation and capitalises on the innovations that have changed the way it does business
For BBVA, the collaboration was made possible thanks to its open banking initiative, BBVA Open Platform, that enables the bank and its partners to acquire and engage customers by embedding financial products that create powerful consumer value propositions.
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