Apple aims to bring payment processing and infrastructure in-house in new multi-year project, report says – Reuters

Apple is working on its payment processing technology and internal financial infrastructure for credit risk assessment, fraud analysis, credit checks, and more. bloombergsuggesting that Apple is looking to “reduce” [it’s] Dependence on external partners such as Goldman Sachs in a new top-secret project called Project “Breakout”.

According to the report, the “breakout” project is a multi-year plan that will bring home a wide range of financial functions, citing those who asked not to be identified as the plans are not public. Should the plan materialise, Apple will have its own team of employees working on everything from credit checks, credit and credit risk assessments, credit checks, and additional customer service tasks like litigation management.

Apple is currently working with Goldman Sachs Bank and CoreCard, a plan that apparently aims to break the reliance on third parties.

news comes after Apple has acquired Credit Kudos, a UK-based company that provides information to lenders from the UK’s open banking infrastructure earlier this month to make faster, automated loan decisions. The acquisition was originally thought to be linked to the expansion of Apple Card in the UK. However, it now appears that the acquisition may be linked to the ‘Breakout’ project.

image: apple

It was also reported this month that Apple is working on a new hardware subscription service that could make device ownership the same as paying for a monthly app subscription, described as “Apple’s biggest push yet for automatically recurring sales.” The new subscription will allow customers to subscribe to hardware like the iPhone and other products for the first time, giving users the option to pay for products through a monthly subscription, just as digital services like Apple Music and Netflix offer to their customers. charges from ,

According to today’s report, Apple’s new hardware subscription service could also be related to the “Breakout” project.

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