Google has entered into a series of agreements with financial institutions to start offering checking accounts to users in the United States. In recent decades, many companies have joined this technological age of proficient banking services, and the tech giant is no longer the exception.
The story published in The Wall Street Journal explains that Google has joined «Cache,» a project that will allow many corporations to provide financial attention to their users.
Google’s banking accounts
This initiative aims to engage with partners from different institutions to provide financial services to Google’s customers, hoping that the project takes hold in the marketplace.
Through this agreement, they will receive confidential information about users’ financial records to study their transactions and movements. Additionally, Google seeks to consolidate many of its products by incorporating them into the service and add new features that will benefit both clients and banking institutions.
The services will be free of charge, which represents an advantage to all types of customers. This new alternative is expected to be available in 2020.
Google at the forefront of services
Everyone knows services like Pay and Wallet, but they are also developing new apps and payment methods. Although companies from Silicon Valley have already been offering other alternatives to consumers, Google wants to go further. For now, their plan will launch only in the United States.
The company is decided to take a big step and close the initial agreements with several institutions, aiming to start offering these personal banking accounts in 2020. However, they are scheduled to conduct negotiations with more financial institutions to expand the project.
This is not their first incursion into the financial area. Google Pay allows users to make transactions with different currencies directly from a mobile device and has been in the market for several years now.
However, this new service is completely different since it offers the option to safeguard the users’ money. In short, they will be able to carry out banking operations similar to a traditional checking account: receive payments and transfer money.
Despite being the main developer of the project, Google will not be in charge of monitoring the clients’ records. This will be the responsibility of the different financial institutions.
Citigroup (with presence in Mexico through Citibanamex) and the Stanford Federal Credit Union are some of the banks that have confirmed their participation. The checking accounts will be offered via Google Pay.
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