Difference between revisions of "BITS"

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| website        = [http://www.bits.org/ BITS.org]
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| website        = [http://www.bits.org/ BITS.org]<br> [http://www.ftld.com fTLD.com]
 
| keypeople      = [[Paul Smocer]], President<br>
 
| keypeople      = [[Paul Smocer]], President<br>
 
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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>
 
'''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>
  
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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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.
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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>
  
 
==.Bank and .Insurance Financial TLD Initiative==
 
==.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  
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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>
Level Domain Initiative]</ref>
 
  
===Possible Objection===
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===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>
  
 
===Competitor===
 
===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. <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>
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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>
  
 
==BITS and ICANN==
 
==BITS and ICANN==
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 has announced that it is working with the [[ABA|American Bankers Association]] to apply for financial [[TLD]]s. It has chosen to work with [[Verisign]]'s registry services to provide technical back-end services to those extensions.<ref>[http://www.marketwire.com/press-release/american-bankers-association-bits-choose-verisign-as-registry-operator-potential-new-nasdaq-vrsn-1422322.htm Press Release, American Bankers Association BITS Choose Verisign as Registry Operator Potential New, MarketWire.com]</ref> Its gTLD application plans include a bid for [[.bank]], and it will likely apply for a number of other financial related TLDs.<ref>[http://domainincite.com/bits-may-apply-for-six-financial-gtlds/ BITS May Apply For Six Financial gTLDs, DomainIncite.com]</ref>
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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.
  
 
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>
 
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>
  
==External Links==
 
 
* [http://www.bits.org/publications/ICANNletters.php BITS Comment Letters to ICANN]
 
* [http://www.bits.org/publications/ICANNletters.php BITS Comment Letters to ICANN]
  

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