CUPERTINO, Calif.—Apple is developing new technology and infrastructure to bring a wide range of financial services for consumers in-house, reducing its reliance on outside partners.
The multiyear plan is said to include payment processing, risk assessment, fraud analysis, credit checks, and additional customer service functions, Apple Insider reported.
Part of the project has been dubbed by the internal codename "Breakout," Apple Insider said.
“Currently, the project is focused on future Apple financial projects and not current ones. Apple relies on third-party financial companies like Goldman Sachs for services related to Apple Card and its own financing programs,” Apple Insider noted.
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