Bank technology

PHOENIX — Apple enters the mobile wallet world in a stronger position than most of its rivals, largely because it sought the support of card networks and banks before the first Apple Pay transaction ever took place.

Banks are bound to confront knotty privacy questions as they strive to make smarter use of customer data and experiment with technologies like wireless beacons, geolocation and algorithm-recommended offers.

Staples Inc., the world&'s largest office-supply chain, is investigating a potential breach of customer credit-card data, becoming the latest retailer to confront a threat from hackers in recent months.

A few hours into Apple Pay's Oct. 20 launch, Apple CEO Tim Cook promised the company was not looking to exploit its payments data.

Digital currency startups are trying to reframe the debate surrounding customer privacy, anti-money-laundering compliance and data security by backing a new set of guidelines for managing consumers' online identities.

Bank of England Gov. Mark Carney is facing scrutiny on the management of Britain's payments system after the biggest disruption in seven years delayed bank transfers and house purchases.

John Ikard, a Colorado bank CEO and incoming chairman of the American Bankers Association, hopes to score a few legislative victories on behalf of bankers, who he says have spent years on the defensive.

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An executive order signed by President Obama on Friday that mandated the adoption of chip-and-PIN technology in government cards and enabled its use in facilities like post offices smacks of politics over substance, analysts said.

Among the most intriguing aspects of DocMagic's $1.2 million acquisition of eSignSystems is the relationships DocMagic now has with vendors that private label eSignSystems technology, many of whom compete with its own document preparation software.

New York regulator Benjamin Lawsky may use the cybersecurity rules he's proposed for virtual-currency companies as a model for traditional banks. That would subject the financial institutions his agency supervises to the most stringent data-security rules anywhere.

The White House is slated to unveil a major package of initiatives on Friday to increase data security for financial transactions, including an executive order to add chip-and-PIN technology to government-issued credit and debit cards.

First Niagara Financial in Buffalo, N.Y., plans to close 17 branches and two drive-through locations in January.

The average annual cost of cybercrime to companies has nearly doubled in the last five years, a new report from a cybersecurity research firm says.

Cyberattacks have emerged as a major risk facing businesses of all kinds. Here's a sampling of how some financial institutions have warned their investors about the possibility of data breaches.

Apple, which launches its mobile wallet on Oct. 20, has convinced more than 500 banks to support Apple Pay by early next year.

DocMagic has acquired eSignSystems, the electronic signature and e-vault division of Wave Systems Corp., for $1.2 million, the companies announced Thursday.

Ken Pfeil, the chief information security officer for the Pioneer companies, shares the security measures he's taken to keep cybercriminals and malware exploits from affecting the infrastructure he oversees.

American Express Co. is pulling new levers to build its business with small merchants and drive mobile wallet adoption, emphasizing its work with Apple Pay.

Fifth Third Bancorp in Cincinnati reported lower earnings because of a decline in mortgage revenue and a negative valuation adjustment on a payments subsidiary.