Internet giant, Google is planning to offer checking accounts through a partnership with financial giant, Citigroup and lender Stanford Federal Credit Union.
The Wall Street Journal reported the news on Wednesday, saying that the three firms are working on a project called Cache, which is expected to launch next year.
Anand Selva, head of U.S. consumer banking at Citigroup, said that partnerships like the one with Google would let the bank grow beyond physical branches. “We have to be where our customers are.”
Caesar Sengupta, general manager and VP of payments at Google, told the WSJ that the search giant wants to bring value to consumers, banks and merchants, with the offering. It could include loyalty programs, for instance.
Already, big tech companies are increasingly pushing into finance. Facebook, along with 20 other companies, is working on the Libra stablecoin project. In August, Apple rolled out a credit card in partnership with Goldman Sachs.