Difference between revisions of "BITS"

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(.Bank and .Insurance Financial TLD Initiative)
(Possible Objection)
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===Possible Objection===
 
===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>
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Before the application process was event closed, the European Banking Authority 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>
  

Revision as of 20:51, 15 October 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 namess (TLDs) via 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, which is known as fTLD Registry Services, LLC.[3] The partnership formed the to handle the applications for both domain name strings and to manage its operations once approved by ICANN.[4] They chose Verisign to serve as their bank-end registry solutions provider.[5]

Possible Objection

Before the application process was event closed, the European Banking Authority sent a warning letter to ICANN arguing that financially-oriented gTLDs are "dangerous and should be banned". [6]

Competitor

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.[7]

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.[8][9][10][11] In late 2010, BITS threatened legal action against ICANN should it not defer the delegation of any financial TLD.[12] 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.[13] Its gTLD application plans include a bid for .bank, and it will likely apply for a number of other financial related TLDs.[14]

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.[15]

External Links

References