Amazon may partner with JP Morgan to offer bank accounts

As reported by Financial Times Amazon is considering to launch a product similar to a bank account that will be offered to its customers. The project is said to be in an early stage and some discussion are in progres with JPMorgan Chase

jpmorgan-chase-hack

Since payment management is a highly regulated sector some discussions are said to be in progress with Federal Deposit Insurance Corporation (FDIC) and even more complex issues are to be addressed with other specific laws like the Dodd-Frank that sets a cap to interchange fees paid to retailers for debit-card purchases.

The tech giant has already entered the market of lending to small businesses operating on its Marketplace platform (for a total value o 3 Bn$ since 2011) and should not find too difficult to comply with the specific regulation of payments industry in order to set this additional step in its growing strategy.

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Massimo Famularo

Investment Manager and Blogger Focus on Distressed Assets and Non Performing Loans Interested in Politics, Economics,

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