Apple doesn’t want partners for its money

Bloomberg journalist Mark Gurman shared information that in the future Apple plans to offer financial services independently to reduce the need for partners like Goldman Sachs.

Apple works with many banks and financial companies

According to Gurman, Apple provides payment processing technology and infrastructure for credit risk assessment, fraud analysis, credit checks and dispute resolution, as well as interest, fees, transaction authorization, reporting data to credit bureaus, working on tools to increase credit limits and other functions. Part of this project could be considered a groundbreaking breakthrough for the company, as it would allow Apple to abandon the existing financial systems it uses.

iPhone maker is currently partnering with Goldman Sachs Bank and CoreCard for Apple Card, Green Dot for Apple Cash, and Citizens Bank for iPhone upgrade program. Additionally, Gurman notes that Apple plans to launch a subscription service for its devices and will offer a “buy now, pay later” option for transactions using Apple Pay.