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Google will become the latest technology company to wade into banking with the search giant set to offer checking accounts next year, according to the Wall Street Journal.
The accounts for the project will be run by Citigroup and the Stanford Federal Credit Union, the report said. Google did not immediately return an email for comment.
As part of a project code-named Cache, the company will become the latest Silicon Valley leader to enter the banking space. Previous attempts by Apple and Facebook faced obstacles, with consumers growing increasingly skeptical over providing big tech companies with their personal information,
Google does not intend to sell customers’ data, Caesar Sengupta, an executive at the firm, told the Journal.
“If we can help more people do more stuff in a digital way online, it’s good for the internet and good for us,” Sengupta said.
Apple’s offering has run into multiple issues. Its partnership with Goldman Sachs has been tense after Apple said it created the card without help from a bank. Also, complaints have arisen recently that the algorithm used to determine customers’ credit limits is biased toward men.
Facebook’s foray into digital currency saw major financial backers drop out over regulatory concerns.
Google’s plans are to brand the checking accounts with the financial institutions’ names, not its own.
Read the full WSJ story here.
