BBVA USA is collaborating with Google to offer consumers a digital bank account through Google Pay. Spain-headquartered BBVA ranks among the top 25 largest U.S. commercial banks based on deposit market share, and operates 641 branches, including 330 in Texas, 89 in Alabama, 63 in Arizona, 61 in California, 44 in Florida, 37 in Colorado and 17 in New Mexico.
When launched in 2021, the co-branded, FDIC-insured digital account will be offered via Google Pay and built on top of the bank’s existing infrastructure. Google will provide the front-end, intuitive user experiences 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.”
BBVA’s open banking initiative, BBVA Open Platform, enables the bank and its partners to acquire and engage customers by embedding financial products that create consumer value propositions. BBVA Open Platform is a developer platform that provides a suite of banking and payments services in the U.S. backed by a global financial institution.
“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,” shared BBVA USA President and CEO Javier Rodríguez Soler.
Google has shared it’s plans to partner with several banks and credit unions including Stanford Federal Credit Union, Citi, BMO Harris, Bank Mobile, Coastal Community Bank, SEFCU, and First Independence Bank, other than BBVA USA.