Apple working to reduce reliance on third parties for future financial products: report
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Apple (NASDAQ:AAPL) is working on a multi-year plan that would reduce its reliance over time on third parties for financial services, including processing payments and infrastructure, according to Bloomberg.
The project, known as Breakout, would bring tasks such as payment processing, risk assessment, fraud analysis, credit checks and other finance-related projects inside the world's largest tech company and push it further into more financial services.
Apple (AAPL) shares were down slightly less than 0.5% to $178.26 in mid-day trading on Wednesday.
Apple did not immediately respond to a request for comment from Seeking Alpha.
The Tim Cook-led Apple (AAPL) already offers a credit card, Apple Card that it partners with Goldman Sachs (GS) for lending decisions. 
The Apple Card uses CoreCard (CCRD) as its payments processor and could seek to augment or replace the software company in the future. CoreCard (CCRD) shares fell more than 9% on the back of the report.
The company is also heavily rumored to be working on a "buy now, pay later" product that would pit it against major players in the space, such as Affirm (AFRM) or Block (SQ), which recently purchased Afterpay.
Affirm (AFRM) and Block (SQ) shares fell following the report.
Apple also offers peer-to-peer payments via Apple Pay and its Wallet app can store other credit and debit cards to be used in conjunction with Apple Pay.
Last month, Apple (AAPL) unveiled a Tap to Pay feature for iPhone that would let small businesses take credit card payments without the need for additional hardware.
Earlier this month, Apple (AAPL) acquired U.K.-based banking startup Credit Kudos, a move that some believe may be a precursor to bringing the Apple Card overseas.
Apple (AAPL) recently became the first streaming service to win the Oscar for Best Picture for CODA at the 94th Academy Awards, an occasion that Wedbush Securities called a "drop the mic moment."