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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>
==.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
Level Domain Initiative]</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>
==BITS and ICANN==
==BITS and ICANN==