Google to offer bank accounts?

Google is to begin offering checking accounts to consumers from next year, in partnership with banks and credit unions, according to The Wall Street Journal.

“The project, code-named Cache, is expected to launch next year with accounts run by Citigroup Inc and a credit union at Stanford University, a tiny lender in Google’s backyard,” the report says.

Caesar Sengupta, Google’s general manager of payments, spoke to the Wall Street Journal for the article and “made clear that Google will be seeking to put its financial institution partners much more front-and-centre for its customers than other tech companies have perhaps done with their financial products,” Techcrunch says.

Partner banks will handle “all financial and compliance activities related to the accounts,” it adds.

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