Apple, Google and Others Form Coalition to Push Technology in Financial Sector

by

A handful of technology giants -- including Apple, Amazon, Google, PayPal, and Intuit -- have announced a partnership in the formation of the Financial Innovation Now coalition (via Re/code). The group aims to promote tech-friendly policies and changes within the financial services sector in Washington, D.C. Those behind the group will work to alter the political debate on relevant issues like tech security, mobile payments, and fraud prevention in the favor of its partners.

apple amazon google group

“A technological transformation is going to make financial services more accessible, more affordable and more secure,” said Brian Peters, executive director of Financial Innovation Now. “The challenge in Washington is making sure policy-makers understand that, and they’re comfortable with it, and they don’t apply old rules to new technology.”

Thanks to the growing popularity of mobile payments solutions like Apple Pay, Google Wallet, and PayPal, the companies behind such services are positioning themselves as part of the future in financial services discussions in Washington, since they're more part of the conversation than ever before. The partnership also intends to work together to achieve blanket improvements for each individual service in topics like user security and authentication, faster payment processing, and "access to basic financial services for the two billion people in the world who are underserved."

Note: Due to the political nature of the discussion regarding this topic, the discussion thread is located in our Politics, Religion, Social Issues forum. All forum members and site visitors are welcome to read and follow the thread, but posting is limited to forum members with at least 100 posts.

Top Rated Comments

(View all)
Avatar
62 months ago
Amazon, can you focus on getting prime on ATV?
Google, can you look up the definition of privacy before getting involved with this?
Apple, Agree to nothing unless privacy and security is central to any decision made.

Thank you.
Score: 4 Votes (Like | Disagree)
Avatar
62 months ago

And what an odd alliance. There is Apple, whose CEO has repeatedly stressed the importance of privacy. Contrast to Google, who have openly derided the idea of privacy. Talk about sleeping with the enemy.

Quite frankly, if Apple wasn't on it, I would be more wary.
Score: 4 Votes (Like | Disagree)
Avatar
62 months ago
Careful guys. The minute you start talking to the bureaucrats and legislators about this they will start getting calls on the other line from the DOJ and FBI, wanting influence on the whole encryption key issue...
Score: 4 Votes (Like | Disagree)
Avatar
62 months ago
I'm very wary of this manoeuvre.

Talking of not applying old rules to new technology sounds like squirming. It reminds me of Uber and their trying to duck out of having licenced drivers, or AirBnb and their trying to duck out of costly regulations.

And what an odd alliance. There is Apple, whose CEO has repeatedly stressed the importance of privacy. Contrast to Google, who have openly derided the idea of privacy. Talk about sleeping with the enemy.
Score: 4 Votes (Like | Disagree)
Avatar
62 months ago

Amazon, can you focus on getting prime on ATV?
Google, can you look up the definition of privacy before getting involved with this?
Apple, Agree to nothing unless privacy and security is central to any decision made.

Thank you.

Exactly how I feel.
Score: 2 Votes (Like | Disagree)
Avatar
62 months ago
I am quite happy that these guys are banding together, as I hope that it will mean that they will defend the people they serve, meaning you and I as the consumers. I fear, however, that the security issue that I and most other Apple products users hold dear, will not be well represented by the other companies.
Score: 1 Votes (Like | Disagree)

Top Stories

Apple Takes Legal Action Against Small Company With Pear Logo

Saturday August 8, 2020 11:09 am PDT by
Apple is taking legal action against the developers of the app "Prepear" due to its logo, according to iPhone in Canada. Prepear is an app that helps users discover recipes, plan meals, make lists, and arrange grocery deliveries. The app is a spinoff of "Super Healthy Kids," and the founders claim that they are facing litigation from Apple. Apple reportedly takes issue with Prepear's logo, ...

Apple Seeds iOS 14 and iPadOS 14 Public Beta 4 to Testers

Thursday August 6, 2020 10:05 am PDT by
Apple today seeded new public betas of upcoming iOS 14 and iPadOS 14 updates to its public beta testing group. Today's software releases, which Apple labels as fourth betas to keep them in line with developer betas, are actually the third betas that Apple has provided and they come two weeks after the prior beta releases. Public beta testers who have signed up for Apple's beta testing...

Supposed iPhone 12 Display Unit Leaks

Thursday August 6, 2020 8:13 am PDT by
An image supposedly of an iPhone 12 display unit has been shared online by leaker "Twitter user Mr. White". Compared to images of an iPhone 11 Pro display piece, this new unit has a reoriented display connector, reaching up from the bottom of the display, rather than from the left-hand side on iPhone 11 Pro. This may be due to the logic board moving to the other side of the device. A...

8 Third-Party Home Screen Widgets That You Can Try Out Now on iOS 14

Wednesday August 5, 2020 12:56 pm PDT by
One of the biggest new features of iOS 14 is Home Screen widgets, which provide information from apps at a glance. The widgets can be pinned to the Home Screen in various spots and sizes, allowing for many different layouts. When the iOS 14 beta was first released in June, widgets were limited to Apple's own apps like Calendar and Weather, but several third-party developers have begun to test ...

New 27-Inch iMac's Storage Affixed to Logic Board, 4TB and 8TB Configurations Have Expansion Connector

Friday August 7, 2020 7:46 am PDT by
Following a report from German blog iFun.de that claimed the new 27-inch iMac's flash storage is soldered to the logic board, MacRumors has obtained additional information in an internal document for Apple technicians. In the document, Apple says that the flash storage is indeed affixed to the logic board and cannot be removed. However, for the 4TB and 8TB configurations, Apple says that a...

2020 iMac Teardown Reveals Internal Changes and Similarities

Saturday August 8, 2020 12:44 pm PDT by
A teardown video, shared by OWC, reveals the internal changes in the new 2020 27-inch iMac. The 2020 27-inch iMac was announced earlier this week with 10th-generation Intel Core processors, AMD Radeon Pro 5000 series graphics, up to 128GB of RAM, up to 8TB of storage, a 1080p front-facing FaceTime camera, a True Tone display with a nano-texture glass option, higher fidelity speakers, and...

Kuo: iPhone 12 Camera Lens Supplier Experiencing Quality Issues, But May Not Affect Launch Schedule

Thursday August 6, 2020 9:30 pm PDT by
One of Apple's camera lens suppliers for the upcoming non-Pro iPhone 12 models is having quality issues, according to a new research note from analyst Ming-Chi Kuo seen by MacRumors. The issues are, however, unlikely to have an impact on Apple's shipping schedule, presuming that Apple's other main supplier can make up the difference. Kuo says that Genius Electronic Optical has discovered...

Google's $349 Pixel 4a vs. Apple's $399 iPhone SE

Wednesday August 5, 2020 1:45 pm PDT by
Google this week launched its newest smartphone, the $349 Pixel 4a, a low-cost device that's designed to compete with other affordable devices like Apple's iPhone SE. We picked up one of the new Pixel 4a smartphones and thought we'd check it out to see how it measures up to the iPhone SE, given that the two devices have such similar price points. Subscribe to the MacRumors YouTube channel ...

Sony WH-1000XM4 Noise-Canceling Headphones Now Available for $350

Friday August 7, 2020 2:01 am PDT by
Sony's flagship WH-1000MX3 noise-canceling headphones have been among the best on the market for some time, and this week Sony released its fourth-generation WH-1000XM4 headphones boasting some notable improvements on the previous model. The XM4s feature the same basic design as the XM3s, but are one gram lighter at 254 grams due to slightly larger ear pads and some subtle tweaks to the...

Apple Announces New 27-Inch iMac With 10th-Gen Processors, Up to 128GB RAM, 1080p Webcam, True Tone, and More

Tuesday August 4, 2020 8:07 am PDT by
Apple today announced a new 27-inch iMac with faster 10th-generation Intel Core processor options, next-generation AMD graphics, up to 128GB of RAM, a higher-resolution 1080p front-facing FaceTime camera, a True Tone display with a nano-texture glass option, a T2 chip, higher fidelity speakers, studio-quality microphones, and more. A breakdown of the new 27-inch iMac's features and specs:10th...