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==.Bank and .Insurance Financial TLD Initiative==
 
==.Bank and .Insurance Financial TLD Initiative==
BITS in partnership with the [[American Bankers Association]] confirmed their application for the [[.bank]] and [[.insurance]] top level domain names ([[TLD]]s) with [[ICANN]]'s [[New gTLD Program]] to provide a safe and secure online space for the banking and insurance industry and its millions of consumers. [[Craig Schwartz]], former chief gTLD registry liaison of ICANN serves as the head of operation for the BITS and ABA Financial TLD Initiative. <ref>[http://www.bits.org/publications/pr/BITSandABADomainRelease053112.pdf ABA and The Financial Services Roundtable Apply for Financial Domains to Protect Consumers]</ref>  The partnership also formed the fTLD Registry Services, LLC to handle the applications for both domain name strings and to manage its operations once approved by ICANN.<ref>[http://www.bits.org/initiatives/fTLD.php Financial Top  
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BITS in partnership with the [[American Bankers Association]] confirmed their application for the [[.bank]] and [[.insurance]] top level domain names ([[TLD]]s) with [[ICANN]]'s [[New gTLD Program]] to provide a safe and secure online space for the banking and insurance industry and its millions of consumers. [[Craig Schwartz]], former chief gTLD registry liaison of ICANN serves as the head of operation for the BITS and ABA Financial TLD Initiative. <ref>[http://www.bits.org/publications/pr/BITSandABADomainRelease053112.pdf ABA and The Financial Services Roundtable Apply for Financial Domains to Protect Consumers]</ref>  The partnership also formed the [[fTLD Registry Services, LLC]] to handle the applications for both domain name strings and to manage its operations once approved by ICANN.<ref>[http://www.bits.org/initiatives/fTLD.php Financial Top  
 
Level Domain Initiative]</ref>
 
Level Domain Initiative]</ref>
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===Possible Objection===
 
The application for both financial domain name strings is expected to be strongly objected by the European Banking Authority. The organization already sent a warning letter to ICANN arguing that financially-oriented gTLDs are "dangerous and should be banned". <ref>
 
The application for both financial domain name strings is expected to be strongly objected by the European Banking Authority. The organization already sent a warning letter to ICANN arguing that financially-oriented gTLDs are "dangerous and should be banned". <ref>
 
[http://domainincite.com/archives/7895-europe-to-warn-consumers-about-bank-risks Europe to warn consumers about .bank “risks”]</ref>
 
[http://domainincite.com/archives/7895-europe-to-warn-consumers-about-bank-risks Europe to warn consumers about .bank “risks”]</ref>
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===Competitor===
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The BITS and ABA's application for .bank and .insurance domain name string will compete with Radix, a subsidiary business of [[Directi]] Group which also confirmed its application for 31 new gTLDs including .bank and .insurance. <ref>[http://www.thedomains.com/2012/05/31/directi-invest-over-30-million-applies-for-31-new-gtlds-including-law-web-bank-shop/ Directi Invest Over $30 Million & Applies For 31 New gTLD’s: Including: .Law, .Web, .Bank, .Shop]</ref>
    
==BITS and ICANN==
 
==BITS and ICANN==
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