Google, in another move by Silicon Valley to enter the financial services space, is teaming with Citigroup and Stanford Federal Credit Union to offer checking accounts to consumers, according to a source familiar with the agreement. 

The deal, first reported in the Wall Street Journal, is code-named Cache and expected to launch in 2020. The agreement is part of an effort by Citi, one of the nation's largest banks, to grow beyond the traditional branch model and compete against startup challenger banks from the U.S. and Europe. 

Rival tech giant Apple has launched a mobile credit card program with Goldman Sachs based on transactions and account maintenance using the iPhone, but also has a card for purchases at merchants that don't accept Apple Pay.

Cover image: Citi.