BBVA USA is collaborating with Google to offer digital bank accounts

BBVA Ventures announced that it is collaborating with Google to offer consumers a digital bank account through Google Pay, continuing its focus on innovation in the financial industry.

This collaboration underscores BBVA’s strategy to continue organically growing the bank throughout the US, even as it deepens its transformation and capitalizes on the innovations that have changed the way it does business.

“When we launched our new 5-year strategic plan in January, we said that two key pillars were to reach more customers with our digital offerings and use our expertise in finance, digital and innovation to help them improve their financial health. This collaboration with Google is fully aligned with this effort – even more so in today’s world where the ability to conduct your financial life in a digital manner, from account opening to transacting to understanding financial health, is an imperative.” – BBVA USA President and CEO Javier Rodríguez Soler.

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. We believe that we can use our technology expertise to benefit users, banks and the entire financial ecosystem.” – Felix Lin, vice president of Payments Ecosystems at Google

For BBVA, the collaboration was made possible thanks to its decades-long focus on digital transformation and innovation, specifically its open banking initiative, BBVA Open Platform, that enables the bank and its partners to acquire and engage customers by embedding financial products that create powerful consumer value propositions. BBVA Open Platform is a comprehensive developer platform that provides a suite of banking and payments services in the US backed by a global financial institution.

The new accounts will be available in 2021.