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Google Pay teams up with banks to offer digital accounts

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More customers will be able to enjoy digital bank accounts through Google Pay very soon. The search giant has revealed it is expanding plans to offer digital banking services in the US after partnering with a total of eight banks as part of a project known internally at Google as Project Cache.

The co-branded, FDIC-insured digital account will be built on top of the bank's existing infrastructure, with Google providing the front-end user experience and financial insights.

The new partners are Bank Mobile, BBVA USA, BMO Harris, Coastal Community Bank, First Independence Bank and SEFCU, which join existing Google partners Citi and SFCU.

Google Pay

The collaboration is part of BBVA's wider five-year plan to expand into digital markets in the US. 

"Google is excited to work with BBVA USA in enabling a digital experience that is equitable for all and meets the evolving needs of a new generation of customers," said Felix Lin, vice president of Payments Ecosystems at Google. "We believe that we can use our technology expertise to benefit users, banks and the entire financial ecosystem."

The company has been investing in digital banking innovations for some time, specifically with its open banking initiative, BBVA Open Platform, which enables the bank and its partners to acquire customers using embedded financial products. The developer platform provides a suite of banking and payments services in the US, backed by the benefit of a global financial institution.

"BBVA has focused for decades on how it could use digital to advance the financial industry, and in so doing, create more and better opportunities for customers to manage their financial health," said BBVA USA President and CEO Javier Rodríguez Soler.

"Collaborations with companies like Google represent the future of banking. Consumers end up the true winners when finance and big tech work together for their benefit.”

Date

03 Aug 2020

Sources


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