By Sam Boughedda
Investing.com -- Bloomberg reported Wednesday that Apple Inc (NASDAQ:AAPL) is working on an ambitious effort to reduce its reliance on financial services partners outside the company.
According to the report citing sources, Apple is developing its own payment processing technology and infrastructure to bring more financial services in-house.
At the moment, the Apple card uses CoreCard as the core processor while using Goldman Sachs (NYSE:GS) for components such as lending and credit checks.
Bloomberg said they are likely to remain on board for current products.
CoreCard shares have plummeted 16.5% on the news, while shares of Green Dot (NYSE:GDOT), another Apple partner, are trading 5.5% lower. Apple shares fell 1%.