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Thursday, November 30, 2023

A fintech would possibly change Goldman Sachs as Apple Card issuer

A current report from The Wall Avenue Journal revealed that Apple and Goldman Sachs are ending the partnership they made in 2019 to introduce the Apple Card. Though the information didn’t come as a shock, it’s nonetheless unclear what’s going to occur to the Apple Card – however a job opening on Apple’s web site means that the corporate could also be working with a Brazilian fintech to kind it out.

Apple looking for a brand new accomplice to challenge Apple Card

As famous by 9to5Mac, a job opening posted in August seeks a software program engineer to work with Apple Processing LLC, an Apple subsidiary centered on cost options. The place was open till October 19, when it was closed and deleted from the web site (however can nonetheless be accessed by way of cache).

The job description says the engineer will design and develop “key parts on a brand new platform being created as the inspiration for future Apple Pay merchandise.” After all, that is an intriguing however obscure description. However the job opening provides us one other trace as to what Apple could be engaged on.

That’s as a result of it explicitly mentions that the engineer can be working with Pismo, which is a Brazilian fintech firm specializing in issuing playing cards. Just lately acquired by Visa, Pismo has international operations and has change into recognized for offering a contemporary cloud-based construction for banking and funds.

An unsure future

It’s not arduous to think about that Apple might accomplice with Pismo to challenge and handle Apple Card processing now that the cope with Goldman Sachs might have come to an finish. Even earlier than this week’s report, there have been many rumors about how Goldman Sachs was sad with its partnership with Apple.

WSJ reiterates that Goldman has mentioned offloading the Apple Card program to American Specific. Amex, nevertheless, voiced considerations about “a number of features of this system, together with its loss charges.” Synchrony Monetary has additionally reportedly thought-about taking on the Apple Card enterprise.

A Bloomberg report final yr revealed that Apple has additionally been working by itself monetary options to be much less depending on banks. Publicly, Apple has neither confirmed nor denied the top of the cope with Goldman Sachs. The corporate says it should “proceed to innovate and ship the perfect instruments and providers” for Apple Card prospects.

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