Academic journal article ABA Banking Journal

What You Should Know (and Do) about .Bank

Academic journal article ABA Banking Journal

What You Should Know (and Do) about .Bank

Article excerpt

For more than a century, ABA has been a technological leader in financial services. In 1910, we originated the ABA Routing Number to make check clearing easier. In 1964, we developed CUSIP numbers as the standard for identifying securities.

Now, with the introduction of over a thousand new "top-level domains" on the internet, ABA has again taken a leadership role. Partnering with the Financial Services Roundtable and other industry participants, we established fTLD Registry Services to apply for and operate the top-level domain names .bank (dot bank) for the banking community and .insurance (dot insurance) for that industry.

Both domains are expected to be launched in the middle of next year. Between now and then, bankers will have plenty of questions to ask about how to proceed. Such questions--including whether, why, and how to use .bank--have come up consistently in the past year as I traveled across the country to talk with bankers at state bankers association conventions.

ABA pursued control of the domain a few years ago when the internet's governing body, ICANN (Internet Corporation for Assigned Names and Numbers), decided to exponentially expand the number of top-level domains. Concerned that .bank could be misused and undermine customer trust, ABA formed a Dot.Bank Task Force that I was honored to chair, and worked first to ensure that such a domain would be held to the highest security standards. Then ABA set out to ensure that the banking community would be able to control .bank. We also wanted to be certain that only legitimate banks could use .bank.

Your bank may wish to make a similarly defensive move, initially securing a .bank equivalent to your .com or .net address to prevent other banks from obtaining it. …

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