Google is getting into mobile banking thanks to a new partnership announced Monday with a total of eight U.S. banks, including the U.S. division of Bank of Montreal (BMO) and BBVA. Bank accounts will exist entirely in Google Pay, customers will be able to access Google’s upstream digitally managed checking accounts, while partner banks manage infrastructure, FDIC insurance and other backend technologies.
It is not known at this time whether customers will have access to physical debit cards issued through Google or its partners, but the banking functionality is expected to go live sometime in 2021. News from Google’s mobile banking plans, known internally under the project name “Cache”, for the first time last year, when the company officially announced partnerships with Citi and the Stanford Federal Credit Union.
“We confirmed earlier that we were exploring how we can partner with banks and credit unions in the United States to offer digital bank accounts through Google Pay, helping their customers benefit from useful information and tools. budgeting, while keeping their money in an FDIC or NCUA. – insured account, ”says a Google spokesperson The edge. “We are delighted that six new banks have signed up to offer digital verification and savings. In addition to Citi and the Stanford Federal Credit Union, we will also be working with Bank Mobile, BBVA USA, BMO Harris, Coastal Community Bank, First Independence Bank and SEFCU. “