The media reported on Friday thatGooglePlans to directly provide bank account services to users are being abandoned.

Google has been looking to enter the personal banking business for the past few years. Google said in 2020 that it would partner with Citigroup and the Stanford Federal Credit Union to allow users to open bank accounts through its Google Pay app starting in 2021. At the time, Google said it would provide a service called “Plex” to provide users with savings accounts without monthly fees, overdraft fees, or minimum balance requirements.

The report said that Google missed many of the deadlines for the project, and the departure of the Google Pay executive who oversaw the project also caused its plans to go out of business.

A Google spokesperson confirmed the report to the media, but declined to comment on the impact of the executive's departure.

A Google spokesperson said in an email: “Our collaboration with our partners has made it very clear that consumers need simple, seamless, and secure digital payments for online and offline transactions. We're updating our approach to focus primarily on providing digital support to banks and other financial service providers rather than as providers of these services.”

When describing the company's banking plans in 2020, Caesar Sengupta, former vice president of Google and head of Google Payments, said the company “is seeking to make banking more connected to the mobile-first generation.”

According to its LinkedIn profile, Sengupta left Google in March to start her own fintech company, Arbo Works. Since then, he seems to have hired several Google employees for his company.