Technology

Eastern Bank's 18-month-old innovation unit, run by startup veterans, is preparing to release its first product as the industry continues to allocate resources to internal tech labs while wondering when and how such efforts will pay off.

Making its first entry into the financial exchange space, Dwolla will provide real-time payments clearing and settlement capabilities for the CME Group futures and options marketplace.

The banking industry largely praised the passage of a major Senate cybersecurity bill Tuesday night, but concerns are mounting about the inclusion of eleventh-hour language that could prompt new rules for financial institutions.

American Express Co., bracing for a decline in profit after the loss of a key retail partner, made a series of organizational changes including combining U.S. and international units and said that consumer product head Josh Silverman is leaving the firm.

The Senate approved a key cybersecurity bill Tuesday after several days of debate on the chamber floor — and several years of lobbying by business groups, including bankers.

Apple Pay will launch in Canada later this year with American Express — and no other issuers named for the mobile wallet's launch in the region.

U.S. merchants, card issuers, and payment processors are beginning to switch over to EMV. However, there are frequent reports that large numbers of U.S. merchants are not ready.

Consumers still aren't eager to make payments from their phones, despite the immense security boost mobile wallets provide through encryption, tokenization, dynamic account data and biometrics. So MasterCard is taking these technologies and hiding them in other products.

JPMorgan Chase entered the digital wallet wars in announcing Chase Pay, a product that will launch next year. Although mobile payments have been more bark than bite so far, the company says that its product plans to use loyalty programs to lure reluctant consumers.

The Senate approved a key cybersecurity bill Tuesday after several days of debate on the chamber floor — and several years of lobbying by business groups, including bankers.