Apple aims to offer more financial services in-house

Thursday 14 April 2022 13:27 CET | News

Apple has planed to develop its own payment processing technology and infrastructure for future financial products to reduce reliance on outside partners.

A multiyear plan would bring a wide range of financial tasks in-house. That includes payment processing, risk assessment for lending, fraud analysis, credit checks, and additional customer-service functions such as the handling of disputes.

The push would turn the company into a bigger force in financial services, building on a lineup that already includes an Apple-branded credit card, peer-to-peer payments, the wallet app, and a mechanism for merchants to accept credit cards from an iPhone. Apple is also working on its own subscription service for hardware and a ‘Buy Now, Pay Later’ feature for Apple Pay transactions, Bloomberg has reported.

The Apple Card currently uses CoreCard as its core processor, overseeing the process of sending transaction details to a bank for approval. The credit card relies on Goldman Sachs for other components like lending, some customer-service tasks and credit checks, as well as the handling of transaction and payment histories, what’s known as a ledger.

Other technology companies, including Facebook parent Meta Platforms and Alphabet’s Google, have taken on financial projects only to scale them back. That included Meta’s development of its own digital coin and Google’s plan for bank accounts.

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Keywords: Apple, product upgrade, payment processing, payments infrastructure, BNPL, P2P payments, credit card
Categories: Banking & Fintech
Companies: Apple
Countries: World
This article is part of category

Banking & Fintech


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