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Apple Reportedly Working to Bring More Financial Services In-House -Breaking

by Mike Robinson

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© Reuters.

Sam Boughedda

Investing.com — Bloomberg reports Wednesday that Apple Inc. (NASDAQ:) has begun an ambitious plan to decrease its dependence on outside financial service partners. 

The report, which cites sources, claims that Apple is working on its own payment processing technology to enable more financial services to be offered in-house. 

Apple cards currently use CoreCard (NYSE:) as their core processor, while Goldman Sachs is used for credit check components.

Bloomberg indicated that Bloomberg is likely to stay with current products.

CoreCard shares plunged 16.5% due to the news. Green Dot (NYSE : ), another Apple partner is trading 5.5% lower. Apple shares fell 1%.

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