BBVA USA has unveiled plans to offer customers digital bank accounts through Google Pay by 2021.
The co-branded, FDIC-insured digital account will be built on top of the bank's existing infrastructure, with Google providing the front-end user experience and financial insights.
"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," said Felix Lin, vice president of Payments Ecosystems at Google. "We believe that we can use our technology expertise to benefit users, banks and the entire financial ecosystem."
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Google Pay
The collaboration is part of BBVA wider five-year plan to expand into digital markets in the US.
The company has been investing in digital banking innovations for some time, specifically with its open banking initiative, BBVA Open Platform, which enables the bank and its partners to acquire customers using embedded financial products. The developer platform provides a suite of banking and payments services in the US, backed by the benefit of a global financial institution.
"BBVA has focused for decades on how it could use digital to advance the financial industry, and in so doing, create more and better opportunities for customers to manage their financial health," said BBVA USA President and CEO Javier Rodríguez Soler.
"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.”
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