Fraser said there will also be “some really unique rewards and some very cool features,” but did not share more details on those. You can also use the Pay app to send money to your friends directly from your account, manage transactions, get real-time updates on payments, paychecks, refunds and more. There are no monthly fees or minimum balance requirements, and the app offers “AI-powered insights to help users save more and set their saving goals.” You’ll get a digital Mastercard debit card instantly and a physical contactless card upon request. You’ll create an account from your phone, and “within minutes your whole bank is on your phone,” Fraser said. “We want to empower them with an account that provides smart very smart financial services built from the ground up with financial wellness and mobile functionality at the very core of the design.” Incoming CEO of Citibank Jane Fraser also appeared on Google’s virtual event, saying the Citi Plex account is “a new way to bank.” Today’s customer is of a new generation that wants a “fresh, relevant and better relationship with their money,” Fraser said. But you’ll also get built-in money transfers via Pay instead of through Zelle, which might be more widely used given the number of people who have Google accounts. At first glance, it looks like Plex is basically a way for these financial institutions to offer a powerful banking app the same way major competitors like Bank of America and CapitalOne already do. There are also trade unions like CEFCU and newer financial institutions like Green Dot and Backmobile working on Plex accounts. These include BMO Harris, BBVA, Coastal Community Bank, Seattle Bank, Harbour Bank of Maryland and First Indepence Bank there. You can join the waitlist to get a Plex account via the Pay app from one of these or nine other financial institutions. Citi Plex will be available on Google Pay next year, though a waitlist for consumers opens today.Īccording to Sengupta, “Plex would put you more in control of your finances.” It uses the new Google Pay app and Sengupta said a number of employees have been using Plex accounts by Citi and the Stanford Federal Credit Union since the company started this project last year. with the financial expertise and regulatory experience of our banking partners.” The first bank to announce a Plex offering is Citibank. General manager Caesar Sengupta explained in an online event today that Plex is built on federal checking and savings accounts and will combine “the best of Google’s design and technology. In addition to revamping its Pay app, Google also announced new Plex banking accounts today.
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