Google and Citigroup, an international financial conglomerate, and Stanford Credit Union universities will offer users the opportunity to open current accounts. It is reported by The Wall Street Journal.
The project, codenamed Cache, will begin work in 2020.
Your Google Account will not differ from Citibank’s standard current account. Access to accounts will be provided through Google Pay.
Whether current account fees will be charged is not yet clear.
According to the head of Google payment services Caesar Sengupta, the corporation is going to work actively with financial institutions and is open for cooperation with other banks.
Recall that in March Citigroup refused to releaseown cryptocurrency token. Having studied the asset’s capabilities in international settlements, the company recognized the existing technological solutions provided by the SWIFT system as more efficient, and their financing was economically viable.