Bloomberg has reported that technology giant Apple is aiming to bring its financial services in-house.
In Brief:
The operations being brought in house include payments processing, fraud analysis and credit checks.
Its “Breakout” plan is a multi year project to reduce reliance on FinTech partners.
This will be in addition to products it had already developed such as its Wallet app.
What does this mean?
The news follows Apple’s acquisition of UK FinTech Credit Kudos as well as reports it will be offering subscription services. This could mean Apple is going down the buy, and eventually build in-house, route, instead of partnering.
