If you are a banker, the world of the Internet – as you currently know it – is about to change. In June of this year the global banking community, led by fTLD Registry Services and supported by dozens of associations, including the European Banking Federation as well as the American Bankers Association and the Financial Services Roundtable, will have the opportunity to create a new online location for their businesses.
Right now, more than a thousand new domain extensions are making their way to the Internet – but only one has been created by banks and for banks. It’s called .BANK. .BANK is a new, more secure Internet domain for banks. It is an easily identifiable channel for trusted communications between banks and their customers. And .BANK is a place for growth and innovation.
Only verified members of the banking community can have a .BANK domain for their trademarks, trade names and service marks. Banks contend with a range of operational issues, from launching and cross-selling financial products, to improving customer retention, to meeting compliance and regulatory requirements. In addition, banks must protect their assets and operations from the very real threat of cyber security.
Migrating to a .BANK domain provides a lot of answers and options. .BANK is brand new – and how banks use the new domain will undoubtedly vary. But there is one thing every bank has in common regarding their .BANK – time.
“It’s important that banks get ready now,” said Craig Schwartz, managing director of fTLD, the private company that is owned, operated and governed by banks, insurance companies and their respective trade associations.
“Our research with banks shows a high level of awareness about the .BANK domain. However, they may not yet realize the process, the implications, or the full value that a .BANK domain can deliver. If banks delay, they run a risk of being unable to secure their preferred web address. No other domain can match the caliber of value, security and trust like a .BANK address.”
In fact, enhanced security requirements are one of the primary reasons for banks to consider when evaluating the new domain, according to fTLD’s market research. Schwartz explained that fTLD will implement a series of critical controls not currently required by the operators of any other commercial domain, in order to mitigate existing cyber risks and build a high-trust environment for users of .BANK.
“With today’s technology, we know there is no silver bullet that will eradicate the malicious activities that are propagated over the Internet,” said Schwartz. “But the security requirements fTLD mandates for .BANK domains will bring a level of trust and protection that exceeds that available in any existing commercially available gTLD.”
The .BANK domain will be available from mid-May for banks with trademarks registered with ICANN’s Trademark Clearinghouse. The majority of banks will be eligible to purchase their domain during the general availability period that starts in June. .BANK domains will be available on a first-come, first-served basis, so it is important for banks to start getting ready now.
Check out the timeline for more details via www.ftld.com
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