Google will start opening bank accounts

Google is going to allow users to open settlement accounts, this was announced by The Wall Street Journal.  The project under the work name Cache will be launched in 2020 with a Citigroup bank and Stanford University credit union support.

WSJ had a conversation with Cesar Sengupta, the head of Google payment services, who noted, that the corporation is going to work actively with financial institutes, leaving them the project financial side.

“Our approach includes close cooperation with banks and the financial system. This way might be a bit longer, but it also is more sustainable one” – Mr. Sengupta stated. Settlement accounts, which are being opened, will be marked with brands of banks, which the corporation works with, but not with the corporation brand.

Many technology corporations offer bank services more and more actively and develop in the financial area. As, for example, Apple jointly with Goldman Sachs bank has presented the own cards issue project, Amazon is negotiating with J.P. Morgan regarding allowing their clients to open a settlement accounts, and the Facebook wants to launch their own cryptocurrency.

Source: https://www.wsj.com/articles/next-in-googles-quest-for-consumer-dominancebanking-11573644601

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