CCRD - Apple working to reduce reliance on third parties for future financial products: report

Apple (NASDAQ:AAPL) is working on a multi-year plan that would reduce its reliance over time on third-parties for financial services, including processing payments and infrastructure, according to Bloomberg. The project, known as Breakout, would bring tasks such as payment processing, risk assessment, fraud analysis, credit checks and other finance-related projects inside the world's largest tech company and push it further into more financial services. Apple (AAPL) shares were down slightly less than 0.5% to $178.26 in mid-day trading on Wednesday. Apple did not immediately respond to a request for comment from Seeking Alpha. The Tim Cook-led Apple (AAPL) already offers a credit card, Apple Card that it partners on with Goldman Sachs (GS) for lending decisions.  The Apple Card uses CoreCard (CCRD) as its payments processor and could seek to augment or replace the software company in the future. CoreCard (CCRD) shares fell more than 9% on back of the report. The company is

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Apple working to reduce reliance on third parties for future financial products: report