It shows that Google has moved beyond making bank accounts to its users and is trying to make the technology giant a big name in finance.
Alphabet Inc. Two years ago, Unit announced that two years ago it would be able to sign up for improved checks and debit cards at a few financial institutions, including Google Pay digital wallet users Citiigrop Ink and Stanford Federal Credit Union. .
The new offerings, called Plex Accounts, are similar to Google Pay, contain both Google and banking branding, and provide a digital dashboard for where and how users place and deposit. Plex is a new way of paying as a bank, with an emphasis on simplicity and financial security and without having to pay monthly or overpayment.
The project was initially completed in It is expected to begin in 2020. A series of missed deadlines, along with the departure of the winning Google Pay executive in April, prompted Google to pull the plug on the plug, people who know about it.
A Google spokesman said: “The company’s main focus now is on providing digital support to banks and other financial services providers instead of providing these services.”
Google has moved to financial markets alongside a number of Silicon Valley giants who want to strengthen their customer base. Amazon.com Inc. Intends to provide verification accounts. Apple Inc. Has issued a credit card paired with an iPhone. Facebook has announced that it will create a new cryptocurrency to facilitate money transfers and transactions.
Many of these expansion plans have been canceled. Amazon did not move forward with the bill, and Facebook Cryptop stepped up after protests and partners fled.
For small banks, doing business with Google was a turning point for digital technology and technology giants. Small banks do not have the money to build custom features that their big competitors offer and what their customers want. Plex can rate the playground.
For Citigroup, Plex was supposed to help overcome the relatively small presence of bricks and mortar. (JPMorgan Chase & Co., the largest bank in the United States, has seven times as many US branches as Sitigrop.) “It’s a little fun,” she said.
A Citigroup spokesman said the bank plans to issue other accounts to potential customers who have registered for the Plex backup list. She said the bank would look for other ways to work with Google in the future.
According to someone familiar with Citigrop, the list has grown to about 400,000, adding to the waiting list for about 10,000 people a week.
The coronavirus epidemic dropped the schedule. Last November, Google announced that it would register more banks, including BMO Harris and the Black Harbor Bank of Maryland, and open accounts in 2021.
Caesar Senguptta, architect of the Plax project, left Google in April. Bill PayPal, a former executive of PayPal Holdings, joined Google to run the e-commerce business, according to people familiar with the matter. Someone said that Mr. Ready Plax could have caused other banks to think that Google was considering competing with them, as it had played a leading role in building the product.
Bank supervisors supported Plex and were not involved in the disappearance, people who knew about it. Still, some say that Google informed election officials before they spoke to all of their banking partners.
By the end of the week, several banks were expecting the project to move forward. Monday, BM Technologies a.
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