Apple, Google, Amazon, Intuit, and PayPal today announced that they are joining forces and forming Financial Innovation Now, a coalition that aims to influence policies to foster greater innovation in financial services (via Re/code).
“Innovation is coming to financial services, and now is the time for Washington to help enable a modern financial system that is more accessible, affordable, and secure,” said Brian Peters, Executive Director of Financial Innovation Now. “This alliance of remarkably innovative companies brings a new voice to Washington’s financial conversations, and we look forward to engaging on a wide range of opportunities. Whether it is protecting consumers, growing small businesses, or promoting financial literacy and savings, Financial Innovation Now wants policymakers to understand how new technologies can help solve today’s policy challenges.”
In the light of the growing popularity of mobile payments and online lending – more than 2,500 banks and credit unions support Apple Pay; Kickstarter has helped raise roughly $2 billion for some 95,000 projects – the above five tech giants want to influence the changing financial landscape.
As highlighted in the press release, Financial Innovation Now will promote policies that aim to realize trust in and safety of new technologies, enable real-time payment clearing processes, unlock the power of financial applications, and more.