Difference between revisions of "BITS"

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It was created in 1996 by the Financial Services Roundtable to better help its members understand and collaborate on new technologies.<ref>[http://www.bits.org/ A short history about the creation of BITS]</ref>
 
It was created in 1996 by the Financial Services Roundtable to better help its members understand and collaborate on new technologies.<ref>[http://www.bits.org/ A short history about the creation of BITS]</ref>
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==.Bank and .Insurance Financial TLD Initiative==
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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
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Level Domain Initiative]</ref>
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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>
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[http://domainincite.com/archives/7895-europe-to-warn-consumers-about-bank-risks Europe to warn consumers about .bank “risks”]</ref>
  
 
==BITS and ICANN==
 
==BITS and ICANN==

Revision as of 22:41, 1 June 2012

Picture 1.png
Type: Non-Profit Corporation
Founded: 1996
Country: USA
Website: BITS.org
Key People
Paul Smocer, President

BITS is the technology policy division of the Financial Services Roundtable. It represents 100 of the largest financial services companies that provide insurance, investment products or banking services.[1]

It was created in 1996 by the Financial Services Roundtable to better help its members understand and collaborate on new technologies.[2]

.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 (TLDs) 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. [3] 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.[4]

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". [5]

BITS and ICANN

BITS has sent letters to ICANN following the publication of many of the organization's new gTLD programs, including the first, second, third and fourth versions.[6][7][8][9] In late 2010, BITS threatened legal action against ICANN should it not defer the delegation of any financial TLD.[10] Since that time, BITS has announced that it is working with the American Bankers Association to apply for financial TLDs. It has chosen to work with Verisign's registry services to provide technical back-end services to those extensions.[11] Its gTLD application plans include a bid for .bank, and it will likely apply for a number of other financial related TLDs.[12]

BITS has been vocal about what it deems as mandatory secuirty measure for any financially related gTLD. There are no specific measures stipulated in ICANN's Applicant Guidebook. BITS' Security Standards Working Group has made its own set of suggestions to ICANN on such requirements.[13]

External Links

References