Forward-looking: Apple designed the card and will manage the software interface on the iPhone while Goldman Sachs will handle things like payment disputes with customers, the underlying infrastructure of the service and collating transaction data for monthly statements.

Apple’s first credit card is on track to launch as early as the first half of August.

Announced in March, the Apple Card is the product of a rare collaboration between a Silicon Valley giant in Apple and a Wall Street mainstay in Goldman Sachs. Sources familiar with the matter told Bloomberg that the project involved mixing two very different corporate cultures, adding that the companies divided development responsibilities to make it happen.

The Apple Card is designed to be used primarily with Apple Pay but will also be available in a physical version for merchants that do not accept Apple Pay. The physical card features no numbers, no expiration date, no card number and no CCV code, easing concerns over security.

It also comes with no fees and offers a cash-back structure that awards one percent back on purchases made with the physical card, two percent back on purchases made through Apple Pay and three percent back on purchases of Apple products and services.

Users will be able to apply for the Apple Card via Apple’s Wallet app in iOS.