Saturday, 23 June, 2018

Are You Ready for an Amazon-Branded Checking Account?

Are You Ready for an Amazon-Branded Checking Account? Amazon looks to offer checking accounts for customers via JP Morgan, other banks: WSJ
Kelvin Reese | 06 March, 2018, 01:49

Meanwhile, Capital One is a longtime customer of Amazon Web Services. And the WSJ's report seems to confirm predictions that Amazon will likely focus on the distribution, rather than the manufacture, of financial products.

Amazon has begun talking to banks, including JPMorgan Chase and Capital One, about developing a checking account-style product for its millions of customers, according to the Wall Street Journal.

Amazon is considering offering customers a current account product, according to reports which will send a shiver down the spine of the banking industry.

The concept is still in its early stages, and it's unclear how exactly it would function, the Journal reported. The Seattle-based behemoth is apparently looking to collaborate with big institutions like J. P. Morgan Chase to offer checking accounts to customers.

Listeria outbreak in S. Africa linked to processed meats
Food safety is of paramount importance to Woolworths and we take all issues regarding the production of our food... Tiger Brands is to remove all Enterprise products from shelves following the linking of polony to listeriosis .

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North Korea vows sanctions will ┬┤never work┬┤
It was not clear why Yun had made a decision to retire so suddenly. "If the sanctions don't work, we'll have to go phase two". Ambassador Joe Yun, the top State Department envoy for North Korea, is retiring Friday. "We need to get it right".

So Jeff wants to reach out to the unbanked and make them banked via an Amazon checking account.

Before you sell all your bank stocks. The move could reduce or eliminate Amazon's current need to pay banking partners and payment processors to handle transactions. Since Amazon snapped it up, Whole Foods has seen major changes implemented by the e-giant, including price cuts and benefits for Amazon card holders for purchases.

And of course this would nearly invariably be integrated with Amazon Pay which Bezos is already trying to push at brick-and-mortar retailers starting, of course, with Whole Foods, which he now owns.

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