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The transition of the Apple Card from being financed by Goldman Sachs to JPMorgan Chase will probably cut out a smaller company, CoreCard, that currently handles the credit card.
The financial giant behind the Apple Card is changing, but users are unlikely to see any big changes.
Goldman has been using fintech payment processing company CoreCard to manage the Apple Card business, reports the Wall Street Journal
When JPMorgan takes over, however, it will likely drop CoreCard as the Apple Card’s processor in favor of its own in-house payment processing. Before it got the Apple account and its estimated 12 million users, CoreCard was considered a niche processor.
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