Citigroup Inc. and a California credit union are the tech giant’s initial partners for the venture, which will let users access their bank accounts through the Google Pay app beginning next year, according to people familiar with the matter. Other banks could join up later, the people said, asking not to be identified because the plans haven’t been announced.“We’re exploring how we can partner with banks and credit unions in the U.S.
“We’re going to see more of this, but it’s not the death of banking,” Bryce VanDiver, a partner with Capco who advises banks and payment companies, said in a telephone interview. “Compliance is still being manged by Citi. If you look at banks’ core competencies, compliance being one of those, they’re really good at that.”Read more: Google uses credit card data to track retail sales
“This agreement has the potential to expand the reach and breadth of our customer base while complementing our continued investments in digital,” Citigroup said in a statement.
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