#banking

Nathaniel Popper:

JPMorgan Chase’s chief financial officer, Marianne Lake, took the stage at a financial conference on Tuesday under strict orders not to mention her company’s involvement in Apple’s new payment system.

But when Apple’s chief executive, Timothy D. Cook, at a news conference in California at the same time, finally brought up Apple Pay, one of Ms. Lake’s deputies in New York took a green apple out of her bag and put it on a table on the stage, signaling that Ms. Lake was free to discuss the service.

Subtle. In other tradecraft:

From the beginning, the project was top secret, with what one person involved called a “code name frenzy.” The card companies had code names for Apple and Apple for the card companies. At Visa, the code name was another consumer electronics company, chosen to avert attention from employees who were not involved. Visa soon had about a thousand people on the team.

Would love to know which other consumer electronics company was served up as the red herring.

All in all, pretty amazing how much pull Apple proved to have over another massive industry. That’s was being the most valuable company in world gets you, I suppose.