MOUNTAINVIEW, Calif.–In addition to one newly added credit union, Google announced it is also partnering with five other financial institutions in a partnership on checking accounts.
As CUToday.info reported here, Albany, N.Y.-based SEFCU said it is partnering with Google to introduce digital accounts, which will be available to its members through Google Pay.
According to the credit union, members who sign up for these accounts will be able to manage their accounts directly and securely through Google Pay, which will give them access to deeper financial insights and budgeting tools.
SEFCU becomes the second credit union to partner with Google, joining Stanford FCU.
But the credit unions are not alone.
In addition to Citibank, which joined Stanford FCU as one of the initial partners, Google said it is now also working with BBVA USA, BankMobile, BMO Harris, Coastal Community Bank and First Independence Bank.
‘Future of Banking’
"Collaborations with companies like Google represent the future of banking. Consumers end up the true winners when finance and big tech work together for their benefit," Javier Rodríguez Soler, president and CEO at BBVA, said in a statement.
As CUToday.info reported earlier, analysts say Google’s primary objective is to capture more data, especially how people are paying for purchases and where.
The new digital accounts are being built on top of existing checking accounts at the institutions.