BBVA, Google Pay partner for digital bank accounts in U.S.
BBVA USA is planning to make digital bank accounts available to customers through Google Pay next year.
The bank says it will offer a co-branded, FDIC-insured digital account through Google Pay, built on top of the bank's existing infrastructure, with Google providing the customer-facing experiences and financial insights on the front end of the system.
"When we launched our new five-year strategic plan in January, we said that two key pillars were to reach more customers with our digital offerings and use our expertise in finance, digital and innovation to help them improve their financial health," Javier Rodriguez Soler, president and CEO of Houston-based BBVA USA, said in a Monday press release.
The collaboration with Google is even more important during the global pandemic, considering the need for consumers to conduct their financial lives "in a digital manner, from account opening to transacting to understanding financial health," Soler added.
For BBVA, the collaboration also marks a continuation of a decades-long focus on digital transformation and innovation, particularly through its BBVA Open Platform, a comprehensive developer platform that provides banking and payments services in the U.S.
"Google is excited to work with BBVA USA in enabling a digital experience that is equitable for all and meets the evolving needs of a new generation of customers," Felix Lin, vice president of payments ecosystems at Google, said in the release. "We believe that we can use our technology expertise to benefit users, banks and the entire financial ecosystem."
Google also indicated other banks and credit unions are becoming partners in the digital bank offering. Those joining with Google Pay include Citi, BMO Harris, Coastal Community Bank, Bank Mobile, Standard Federal Credit Union, First Independence Bank and SEFCU.