Changes

The .bank application by [[American Bankers Association]] (ABA) and [[BITS]] is headed by [[Craig Schwartz]], former Chief gTLD Registry Liaison of ICANN. He served as General Manager for Registry Programs of the project.<ref>[http://domainincite.com/senior-icann-staffer-hired-by-bank-project/ Senior ICANN Staff Hired by .bank Project]</ref> According to Schwartz, ABA and BITS will establish a new company that will be responsible for filing the application for .bank. A community-designated application was filed to avoid the ICANN auction in anticipation for any possible string contention from other applications. Schwartz explained, “We’ve looked at the scoring and while it may not come into play at all, we do believe we can meet the requisite score. But we’re certainly mindful of what’s happening in the space, there’s always the possibility of contention." He added that their plan is to begin the operations of .bank as a business to business and it will be primarily used for secure inter-bank transactions and will partner with several ICANN accredited registrars able to meet the company’s security requirements.<ref>[http://domainincite.com/bits-may-apply-for-six-financial-gtlds/ BITS may apply for six financial gTLDs]</ref>

The .bank application by [[American Bankers Association]] (ABA) and [[BITS]] is headed by [[Craig Schwartz]], former Chief gTLD Registry Liaison of ICANN. He served as General Manager for Registry Programs of the project.<ref>[http://domainincite.com/senior-icann-staffer-hired-by-bank-project/ Senior ICANN Staff Hired by .bank Project]</ref> According to Schwartz, ABA and BITS will establish a new company that will be responsible for filing the application for .bank. A community-designated application was filed to avoid the ICANN auction in anticipation for any possible string contention from other applications. Schwartz explained, “We’ve looked at the scoring and while it may not come into play at all, we do believe we can meet the requisite score. But we’re certainly mindful of what’s happening in the space, there’s always the possibility of contention." He added that their plan is to begin the operations of .bank as a business to business and it will be primarily used for secure inter-bank transactions and will partner with several ICANN accredited registrars able to meet the company’s security requirements.<ref>[http://domainincite.com/bits-may-apply-for-six-financial-gtlds/ BITS may apply for six financial gTLDs]</ref>

On April 2011, ABA & BITS announced that they signed a contract with Verisign to serve as their exclusive provider of back-end registry services.<ref>[http://domainincite.com/verisign-now-front-runner-for-bank/ Verisign Now Frontrunner for .bank]</ref>

In April 2011, ABA & BITS announced that they signed a contract with Verisign to serve as their exclusive provider of back-end registry services.<ref>[http://domainincite.com/verisign-now-front-runner-for-bank/ Verisign Now Frontrunner for .bank]</ref>

On December 2011, the partnership submitted to ICANN 31 proposed requirements to ensure the stability and resiliency of “high security” gTLDs like .bank and .pay, covering topics from registration, acceptable use policies, abusive conduct, law enforcement, compliance registrar relations and data security. BITS calls the proposed gTLDs intended for the use of the financial industry as “fTLDs.” In addition, the organization strongly urged the internet governing body to accept the standards proposed by the Security Standards Working Group ([[SSWG]]). Seventeen companies are endorsing BITS proposal.<ref>[http://domainincite.com/high-security-bank-spec-published/ High-security .bank spec published]</ref> The 2011 Proposed Security, Stability and Resiliency Requirements for Financial TLDs submitted by BITS to ICANN is available [http://www.bits.org/publications/doc/SSWGOutreachICANN122111.pdf here].

In December 2011, the partnership submitted to ICANN 31 proposed requirements to ensure the stability and resiliency of “high security” gTLDs like .bank and .pay, covering topics from registration, acceptable use policies, abusive conduct, law enforcement, compliance registrar relations and data security. BITS calls the proposed gTLDs intended for the use of the financial industry as “fTLDs.” In addition, the organization strongly urged the internet governing body to accept the standards proposed by the Security Standards Working Group ([[SSWG]]). Seventeen companies are endorsing BITS proposal.<ref>[http://domainincite.com/high-security-bank-spec-published/ High-security .bank spec published]</ref> The 2011 Proposed Security, Stability and Resiliency Requirements for Financial TLDs submitted by BITS to ICANN is available [http://www.bits.org/publications/doc/SSWGOutreachICANN122111.pdf here].

The ABA and Roundtable initiative is endorsed by the Australian Bankers' Association, American Bankers Insurance Association, British Bankers' Association, European Banking Federation, Independent Community Bankers of America, the International Banking Federation, and numerous financial services institutions.<ref>[http://insurancenewsnet.com/article.aspx?id=344544/ ABA and the Financial Services Roundtable Apply for Financial Domains to Protect Consumers]</ref>

The ABA and Roundtable initiative is endorsed by the Australian Bankers' Association, American Bankers Insurance Association, British Bankers' Association, European Banking Federation, Independent Community Bankers of America, the International Banking Federation, and numerous financial services institutions.<ref>[http://insurancenewsnet.com/article.aspx?id=344544/ ABA and the Financial Services Roundtable Apply for Financial Domains to Protect Consumers]</ref>