Google/TCH Launch – Banks Hire New Network CEO

Something is launching next week (rumor 8/23) with Google, TCH and at least 4 banks. The banks have just hired a new CEO to run it with a “network background”.

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September 7 BEFORE YOU READ. This blog is dated. 3 key updates

  1. The launch was a very small TCH RTP effort. Forbes Article on Launch of Pay by Bank using TCH. Google’s role seems to be limited to hosting servers in the Google Cloud. This was NOT the big announcement I thought was coming. It looks like the TCH tokens in Google Wallet will be a few more months away.
  2. TCH’s primary focus this year is an eCom wallet focused on the Secure Remote Commerce Model (see blog)
  3. Neither Apple nor Google are involved in any of these activities, yet Google is working to pilot both FedNow and TCH RTP to leverage their India UPI success.

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Something is launching next week (rumor 8/23 pilot) with Google, TCH and at least 4 banks. The banks have just hired a new CEO to run it with a “network background”. This is likely a new consortium, and we will see changes in where the assets of TCH, Akoya and Early Warning line up. This CEO will be tasked with creating a new network to “compete with ApplePay” as the premier mobile payment platform.

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TCH Tokens in eCom SRC Model

TCH tokens will be in Apple/Google in next 6 months with Request for Payment as the primary scheme

Part 1 – Current US Routing Rules

© Starpoint LLP, 2022. No part of this site, blog.starpointllp.com, may be reproduced in whole or in part in any manner without the permission of the copyright owner.

IMPORTANT – Update September 7 BEFORE YOU READ. This blog is dated. 3 key updates:

Why should you read this? The top ~25 banks have been working on this for over 10 yrs and now Google and Apple are involved.

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Google – Real Time P2P – Rumor

Free Blog – Google will announce real-time payments in Google Wallet pilot with JPMC and at least 2 other banks this month

Summary

UPDATE – I no longer beleive P2P is focus, but rather Request for Payment and merchant integration. Blog forthcoming today.

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I have no idea what this looks like, so congrats to Google for keeping this locked down. The following is my best “guess” on a pilot, based upon:

  1. What Google has launched internationally (Tez) and GPay through India’s UPI (highly recommended read here)
  2. Changes/Focus Bill Ready put in place before his departure as new CEO of Pinterest. Remember Bill was CEO of Braintree (the most significant acquisition PayPal ever made).  Braintree enabled payment APIs for online and mobile merchants (among other things). 
  3. Prior to Bill, Google’s support and advice for FedNow  (see article)
  4. Understanding of what Banks want to accomplish (ex TCH tokens in mobile phones). 
  5. My short time in Google during the creation and launch of Google Wallet. Particularly the exec team’s desire for a global P2P service.
Continue reading “Google – Real Time P2P – Rumor”

Google Wallet Re-Launch

I was a small part of the initial Google Wallet launch in 2011 and have been a hopeful champion for last 11 yrs (20+blogs). I’m a big fan of the strategy here, a much bigger platform/enablement strategy than the previous flex/p2p effort.  

Last week we saw a major relaunch of Google Wallet at Google I/O. See

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eCom Innovation Success – Shop Pay

Short blog as follow up to yesterday’s blog on Acceptance Hurdles in eCommerce. Successful innovation requires a great new customer experience and/or economic model. The most recent success in the US is Shopify’s Shop Pay.

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Google Plex – On Track Pivot

The value Google enables has nothing to do with account control. Google’s success is centered around being a consumer enabler..  It can create great consumer experiences that operate on the simple fact that the value of data is based upon its intersection

I was quite surprised to see the front page of my Saturday WSJ emblazoned withGoogle Is Scrapping Its Plan to Offer Bank Accounts to Users.  As the former guy responsible for Citi’s online banks globally, and also a guy working in creation of the original Google Pay (as consultant), I thought I would provide some much needed clarity here (consistent w/ blog Google’s Bank Plans and the 20 others I’ve written on Google Pay over the last decade). 

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Google’s “Bank” Plans

THE most bank friendly partner offering that will enable any bank to compete at parity with the NeoBanks.

Summary – Google is not becoming a bank, but rather enabling:

  1. New integrated tools that will provide the BEST mobile bank experience
  2. Instant account opening
  3. Consumer incentives that will unlock the power of data (w/ consumer’s consent)
  4. New predictive analytics, recommendations, alerts, reminders, coupons, offers and engagement

Public PR

Over last 6 months or so we have seen several Press Releases relating to Google’s bank partnerships:

“We had confirmed earlier that we are exploring how we can partner with banks and credit unions in the U.S. to offer digital bank accounts through Google Pay, helping their customers benefit from useful insights and budgeting tools, while keeping their money in an FDIC or NCUA-insured account,” stated the release.

Smart, according to Google, because it will provide its checking accountholders with money management tips to optimize and manage the funds in those accounts – funds linked to payments and identity credentials that consumers can use to buy things, pay bills and send money to others in and outside the Google ecosystem.

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Rewiring – Part 2: Walmart+Goog, Amazon+Whole Foods, …

I’m taking a rather abbreviated approach to blogging today.. as most of my key points have more detail in my other posts. I’ll just link to my old posts and focus on a few new thoughts.

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