Eight US banks have teamed up with Google to launch mobile-first bank accounts within the Google Pay app.
The new platform will pair Google's expertise in creating intuitive user experiences with the security of a reputable bank to provide a new way to manage money with financial insights and budgeting tools.
When launched in 2021, the co-branded, FDIC-insured digital accounts will be offered via Google Pay and built on top of the banks' existing infrastructure.
Felix Lin, vice president of Payments Ecosystems at Google, says: “We believe that we can use our technology expertise to benefit users, banks and the entire financial ecosystem.”
The move marks an extension of a previous deal made by Google with Citi and SFCU. These two firms were floated in a November Wall Street Journal report on a possible Google checking account, code-named Cache.
The new banks coming onboard include Bank Mobile, BBVA USA, BMO Harris, Coastal Community Bank, First Independence Bank, and SEFCU.
"Being able to support our customers' financial lives in more places where they're spending their digital time is important to helping them be successful," says Brett Pitts, chief digital officer for BMO Financial Group. "Collaborating to launch this new BMO digital product accelerates our ability to deliver financial advice to our customers and is an innovative step in the evolution of how we serve them."
Rodriguez Soler of BBVA comments: “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.”
The tech giant is also said to be developing physical and virtual debit cards that would be co-branded with the financial services players, although details on this aspect have not been disclosed..