Shulou(Shulou.com)11/24 Report--

CTOnews.com, Sept. 15 (Xinhua)-- Abhi Pabba, head of credit at Apple Card, has left the company while Apple is preparing for new financial services.

Abhi Pabba will join X1, a credit card startup, as its chief risk officer, a job he is familiar with. Before joining Apple, Abhi Pabba worked on credit card authorization at Capital One, analyzing cardholder indicators such as consumer spending, the number of credit accounts ultimately delinquent and the average of approved credit scores.

Abhi Pabba's new job at X1 may involve the development of the company's underwriting policy. The startup plans to use data such as bank account access, FICO scores, or information from financial data transfer company Plaid.

Apple is developing a new Apple Pay service called Apple Pay Later. This is a feature launched later in 2022 that installs purchases into four weekly payments.

CTOnews.com learned that while Apple continues to work with Goldman Sachs to develop Apple Card, Apple has set up a subsidiary for Apple Pay Later called Apple Financing LLC. It will operate independently of the major Apple entities.

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