A recent report from The Wall Street Journal revealed that Apple and Goldman Sachs are ending the partnership they made in 2019 to introduce the Apple Card. Although the news didn’t come as a surprise, it’s still unclear what will happen to the Apple Card – but a job opening on Apple’s website suggests that the company may be working with a Brazilian fintech to sort it out.
Apple seeking a new partner to issue Apple Card
As noted by 9to5Mac, a job opening posted in August seeks a software engineer to work with Apple Processing LLC, an Apple subsidiary focused on payment solutions. The position was open until October 19, when it was closed and deleted from the website (but can still be accessed via cache).
The job description says the engineer will design and develop “key components on a new platform being created as the foundation for future Apple Pay products.” Of course, this is an intriguing but vague description. But the job opening gives us another hint as to what Apple might be working on.
That’s because it explicitly mentions that the engineer will be working with Pismo, which is a Brazilian fintech company specializing in issuing cards. Recently acquired by Visa, Pismo has global operations and has become known for providing a modern cloud-based structure for banking and payments.
An uncertain future
It’s not hard to imagine that Apple could partner with Pismo to issue and manage Apple Card processing now that the deal with Goldman Sachs may have come to an end. Even before this week’s report, there were many rumors about how Goldman Sachs was unhappy with its partnership with Apple.
WSJ reiterates that Goldman has discussed offloading the Apple Card program to American Express. Amex, however, voiced concerns about “several aspects of the program, including its loss rates.” Synchrony Financial has also reportedly considered taking over the Apple Card business.
A Bloomberg report last year revealed that Apple has also been working on its own financial solutions to be less dependent on banks. Publicly, Apple has neither confirmed nor denied the end of the deal with Goldman Sachs. The company says it will “continue to innovate and deliver the best tools and services” for Apple Card customers.
source : https://9to5mac.com/2023/11/29/job-opening-fintech-goldman-sachs-apple-card/