The Wall Street Journal: Google teaming up with banks to offer checking accounts

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Google will soon offer checking accounts to consumers, becoming the latest Silicon Valley heavyweight to push into finance.

The project, code-named Cache, is expected to launch next year with accounts run by Citigroup Inc C, -0.70%  and a credit union at Stanford University, a tiny lender in Google’s GOOGL, -0.08%  backyard.

Big tech companies see financial services as a way to get closer to users and glean valuable data. Apple Inc. introduced a credit card this summer. Inc. AMZN, +0.36%  has talked to banks about offering checking accounts. Facebook Inc. FB, +2.56%  is working on a digital currency it hopes will upend global payments.

Their ambitions could challenge incumbent financial-services firms, which fear losing their primacy and customers. They are also likely to stoke a reaction in Washington, where regulators are already investigating whether large technology companies have too much clout.

An expanded version of this report can be found at

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