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Stripe is launching a banking service

In a deal with Goldman Sachs and Citigroup, the online payments processing company will begin offering checking accounts to its customers, according to The Wall Street Journal.

Shopify is among the corporate clients already planning to launch a banking account with Stripe early next year. Stripe's co-founders Patrick and John Collison told the Journal that the expansion into banking will help traditional banks seize on the momentum that's building in the ecommerce space, which has only been amplified by the COVID-19 crisis.

"If you are a Goldman Sachs or a Citi or one of these firms, you are watching the fact that new businesses live their lives online," Collison said. "For the partner banks we're working with, our intent for it is to be a shockingly effective customer-acquisition channel for them where they end up with many, many more customers."

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