Google to Provide Checking Accounts Next Year: Reports
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Google to Provide Checking Accounts Next Year: Reports

By IndraStra Global News Team

GIF Attribute: Google Bank Application Concept by Humbleteam   (For representational purpose only)

GIF Attribute: Google Bank Application Concept by Humbleteam 
(For representational purpose only)

According to the latest reports (first reported at Wall Street Journal), Google will offer "checking accounts" next year as it partners with financial institutions including Citigroup and Stanford Federal, a small credit union at Stanford University. The project is code-named Cache.

A Google spokesman said in a statement, “We’re exploring how we can partner with banks and credit unions in the US to offer smart checking accounts through Google Pay, helping their customers benefit from useful insights and budgeting tools while keeping their money in an FDIC or NCUA-insured account,” 

Both, Citibank and Stanford Federal have confirmed their participation in the project.

Citi spokeswoman Liz Fogarty said, “This agreement has the potential to expand the reach and breadth of our customer base,” She further added, “Privacy and transparency are, and will continue to be critical priorities.”

Joan Opp, president, and chief executive of Stanford Federal, described the deal as “critical to remaining relevant and meeting consumer expectations.”

According to Google executive Caesar Sengupta, unlike the Apple Card, the company will reportedly put CitiGroup and Stanford Federal in "front and center" as the primary branding. However, to maintain continuity with its current payment ecosystem, Google Users will be able to manage their checking accounts using the Google Pay app.

The company will be sharing more details about the Project Cache in the coming months.

NOTE: The news about this project released just after Facebook Pay was announced yesterday, which will eventually allow users to make payments via Facebook, Messenger, Instagram, and WhatsApp.

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