PayPal has applied to form a bank that would offer business loans and interest-bearing savings accounts, a move that would deepen the payments company’s push into core banking services, The Wall Street Journal reported.

The digital payments firm, which owns Venmo, said it filed applications with the Utah Department of Financial Institutions and the Federal Deposit Insurance Corp. to establish “PayPal Bank,” according to the WSJ. The proposed institution would be a Utah-chartered industrial loan company (ILC), a structure that can lend, accept FDIC-insured deposits, and be owned by a non-financial parent company.

PayPal said the bank would make its small-business lending more efficient by reducing reliance on third-party partners, the WSJ reported. Since 2013, PayPal has provided more than $30 billion in loans and working capital to more than 420,000 business accounts worldwide, according to the report.

In addition to lending, PayPal plans to offer savings accounts that pay interest through the proposed bank, the WSJ said. The company also intends for the bank to seek direct membership in U.S. card networks to complement processing and settlement work currently handled through existing banking relationships, according to the Journal.

PayPal has selected Mara McNeill to serve as president of PayPal Bank, the newspaper reported. McNeill previously served as chief executive of Toyota Financial Savings Bank, according to the report.

Earlier this month, five cryptocurrency platforms received preliminary, conditional approval from the Office of the Comptroller of the Currency to establish national trust banks. 

Read more at The Wall Street Journal