Difference between revisions of "BITS"

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{{CompanyInfo|
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| logo            = Picture 1.png
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| type            = Non-Profit Corporation
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| industry        = 
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| founded        = 1996
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| founder(s)      =
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| purchase        =
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| ownership      =
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| headquarters    =
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| country        = USA
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| products        =
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| employees      =
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| revenue        =
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| businesses      =
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| website        = [http://www.bits.org/ BITS.org]<br> [http://www.ftld.com fTLD.com]
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| keypeople      = [[Paul Smocer]], President<br>
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| twitter        =
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}}
  
’’’BITS’’’ is the division of technology policy from the Financial Services Roundtable. It represents 100 of the largest financial services companies that provide insurance, investment products or banking services.<ref>[http://www.bits.org/]</ref>
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'''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.<ref>[http://www.bits.org/ BITS official website]</ref>
  
==About BITS==
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In 1996, CEOs and senior executives of the nation's largest financial institutions recognized the need for an organization to keep up with vast changes brought about by new technologies. At that time, Frank Wobst, then Chairman and CEO of Huntington Bancshares, chaired The Financial Services Roundtable's Technology Task Force. Through his leadership, BITS was created to allow Roundtable members to collaborate on key technology issues affecting the financial services industry.
Created in 1996 as the entity created within the Financial Services Roundtable that will help the members better understand and collaborate for the newest technologies.
 
The founder of BITS was Frank Wobst, CEO of Huntington Bancshares.
 
BITS’ first CEO was Catherine Allen. Today, it is led by Paul Smocer.<ref>[http://www.bits.org/]</ref>
 
  
==BITS and [[ICANN]]==
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BITS addresses issues at the intersection of financial services, technology and public policy, where industry cooperation serves the public good, such as critical infrastructure protection, fraud prevention, and the safety of financial services. BITS is the technology policy division of The Financial Services Roundtable, which represents 100 integrated financial services companies providing banking, insurance, and investment products and services to the American consumer.<ref>[http://www.bits.org/ A short history about the creation of BITS]</ref>
[[ICANN]] leads an application process for obtaining more global top level domains such as .secure or .bank.
 
BITS as the entity of technology from the Financial Services, published a set of regulations for new top level domains such as .bank which cover up to 31 items related to law enforcement, security of data or registrar relations.
 
Although these regulations should be applied on a voluntary basis by applicants for a gTLD, BITS will enforce this as being mandatory for domains related to financial services. These domains are called fTLD.
 
BITS addressed an official letter to [[ICANN]] in order to announce that the implementation of the regulations will be mandatory.
 
Within the [[ICANN]]’s Applicant Guidebook does not state that it is mandatory for applicants to apply these regulations, but that they should respect the general security expected from gTLD.
 
The regulations specified by BITS should be implemented until December 20. It is up to [[ICANN]] board to find a way for implementing them. <ref>[http://domainincite.com/high-security-bank-spec-published/]</ref>
 
  
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==.Bank and .Insurance Financial TLD Initiative==
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BITS/The Financial Services Roundtable, in partnership with the American Bankers Association, formed [[fTLD Registry Services, LLC]] (fTLD) to apply to [[ICANN]] to operate financially-oriented [[gTLD]]s. In 2012, fTLD submitted [[Community TLD|community-based applications]] for the [[.bank]] and [[.insurance]] TLDs to provide trusted and protected online spaces for the banking and insurance industries and their millions of consumers. [[Craig Schwartz]], former chief gTLD registry liaison of ICANN, serves as the head of operations for fTLD. fTLD chose [[Verisign]] to serve as its back-end registry operations provider.<ref>[http://www.bits.org/publications/pr/BITSandABADomainRelease053112.pdf ABA and The Financial Services Roundtable Apply for Financial Domains to Protect Consumers]</ref> <ref>[http://www.bits.org/initiatives/fTLD.php Financial Top Level Domain Initiative]</ref><ref>[http://domainincite.com/archives/4107-verisign-now-front-runner-for-bank VeriSign now front-runner for .bank]</ref>
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===Objection===
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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>
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[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 strings are both in contention with those of [[Radix]], a subsidiary business of the [[Directi]] Group, which applied for 31 new gTLDs.<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> Its [[.insurance]] TLD is further contested by [[Donuts]], the largest single gTLD applicant, and [[Progressive Casualty Insurance Co.]].<ref>[http://gtldresult.icann.org/application-result/applicationstatus/viewstatus ViewStatus, gTLDresult.ICANN.org]Retrieved 8 Jan 2013</ref>
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==BITS and ICANN==
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BITS has participated in the ICANN process since 2008 and has sent letters to ICANN following the publication of certain new gTLD program materials. BITS has sent letters to [[ICANN]] following the publication of many of the organization's [[New gTLD Program|new gTLD program]]s, including the first, second, third and fourth versions.<ref>[http://www.bits.org/publications/comment/BITSCommentICANNDAG121508.pdf BITS Comment, v1, BITS.org]</ref><ref>[http://forum.icann.org/lists/2gtld-guide/pdfBMtaHcRzDs.pdf BITS Comment, v2, BITS.org]</ref><ref>[http://www.bits.org/publications/comment/CommentICANNDAGv3112209.pdf BITS Comments, v3, BITS.org]</ref><ref>[http://www.bits.org/publications/comment/CommentICANNDAGv4072110.pdf BITS Comments, v4, BITS.org]</ref> In late 2010, BITS threatened legal action against ICANN should it not defer the delegation of any financial [[TLD]].<ref>[http://domainincite.com/icann-told-to-ban-bank-or-get-sued/ ICANN Told To Ban Bank or Get Sued, DomainIncite.com]</ref> Since that time, BITS announced it is working with the [[ABA|American Bankers Association]] to apply for financial [[TLD]]s.
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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.<ref>[http://domainincite.com/high-security-bank-spec-published/ High Security Bank Spec Published, DomainIncite.com]</ref>
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* [http://www.bits.org/publications/ICANNletters.php BITS Comment Letters to ICANN]
  
 
==References==
 
==References==
 
{{Reflist}}
 
{{Reflist}}
  
[[Category: Glossary]]
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[[Category: Companies]]
 
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Latest revision as of 02:12, 28 March 2013

Picture 1.png
Type: Non-Profit Corporation
Founded: 1996
Country: USA
Website: BITS.org
fTLD.com
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]

In 1996, CEOs and senior executives of the nation's largest financial institutions recognized the need for an organization to keep up with vast changes brought about by new technologies. At that time, Frank Wobst, then Chairman and CEO of Huntington Bancshares, chaired The Financial Services Roundtable's Technology Task Force. Through his leadership, BITS was created to allow Roundtable members to collaborate on key technology issues affecting the financial services industry.

BITS addresses issues at the intersection of financial services, technology and public policy, where industry cooperation serves the public good, such as critical infrastructure protection, fraud prevention, and the safety of financial services. BITS is the technology policy division of The Financial Services Roundtable, which represents 100 integrated financial services companies providing banking, insurance, and investment products and services to the American consumer.[2]

.Bank and .Insurance Financial TLD Initiative

BITS/The Financial Services Roundtable, in partnership with the American Bankers Association, formed fTLD Registry Services, LLC (fTLD) to apply to ICANN to operate financially-oriented gTLDs. In 2012, fTLD submitted community-based applications for the .bank and .insurance TLDs to provide trusted and protected online spaces for the banking and insurance industries and their millions of consumers. Craig Schwartz, former chief gTLD registry liaison of ICANN, serves as the head of operations for fTLD. fTLD chose Verisign to serve as its back-end registry operations provider.[3] [4][5]

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 strings are both in contention with those of Radix, a subsidiary business of the Directi Group, which applied for 31 new gTLDs.[7] Its .insurance TLD is further contested by Donuts, the largest single gTLD applicant, and Progressive Casualty Insurance Co..[8]

BITS and ICANN

BITS has participated in the ICANN process since 2008 and has sent letters to ICANN following the publication of certain new gTLD program materials. 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.[9][10][11][12] In late 2010, BITS threatened legal action against ICANN should it not defer the delegation of any financial TLD.[13] Since that time, BITS announced it is working with the American Bankers Association to apply for financial TLDs.

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.[14]

References