CNBC “Apple has given Goldman Sachs a proposal to end its credit-card and savings account partnership within the next 12 to 15 months, a person familiar with the matter told CNBC’s Leslie Picker. For Apple, the credit card and savings accounts are a way to add value and additional features to its iPhone, as well as bolster its quickly growing services business with fees. It’s not clear whether Apple has found a new partner or would consider bigger changes to its financial products if it were to exit the agreement with Goldman Sachs.”
Based on this development, it seems reasonable to speculate that Apple is actively formulating a strategy to bring Apple Card and Apple Savings under its own umbrella. Apple has been diligently developing payment processing technology and infrastructure, encompassing aspects like lending risk assessment, fraud analysis, credit checks, and dispute handling. Additionally, they are working on tools for calculating interest, rewards, approving transactions, reporting data to credit bureaus, increasing credit limits, and more. This initiative, internally referred to as ‘Breakout,’ signals Apple’s intention to move away from its current reliance on external financial systems.
ldstephens 