Bank-Domains: No other domain can match the caliber of value, security and trust like a .bank address

 The sunrise period of Bank-Domains has started on 18th May. Banks, accredited by regulatory authorities, are now able to register Bank-Domains.

If you are a banker, the world of the Internet – as you currently know it – is about to change. This year the global banking community, supported by dozens of associations and industry leaders such 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, for banks.

It’s called  Bank-Domain.

The Bank-Domain is a new, more secure Internet domain for banks. It is an easily identifiable channel for trusted communications between banks and their customers. And the Bank-Domain is a place for growth and innovation.

Only verified members of the banking community can have a  Bank-Domain 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 domain provides a lot of answers and options.

The Bank-Domain 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-Domain – 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 the Bank-Domain.

"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 the .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 in mid-May for banks with trademarks registered with ICANN’s Trademark Clearinghouse. But according to Schwartz, the majority of banks will be eligible to purchase their domain during the general availability period that starts in June. The Bank-Domain domains will be available on a first-come, first-served basis, so it is important for banks to start getting ready now.

The American Bankers Association, one of the Founders of fTLD, is offering several tips for getting started. The ABA is advising that banks:

1. Organize a  Bank-Domain project team, and include marketing, plus those responsible for your Internet platform, IT, and legal. By forming a working group of these representatives, banks can get a broad sense of the needs and possibilities for a  Bank-Domain.

2. It’s likely a bank uses a third-party to host its website or to provide other online services. That external resource should be part of the working group, to ensure that all technical aspects are considered. Even if banks don’t plan to use one or more  Bank-Domains  right away, ABA recommends registering them so they are available when the bank is ready to use them.

3. Consider protecting trademarks. If banks have registered their trademark in ICANN’s Trademark Clearinghouse (TMCH), they may apply for an exact match of that mark. If banks do not have a registration in the TMCH, they may apply for a domain that corresponds to their trademark, trade name or service mark.

4. Evaluate whether to move all activities to the Bank-Domain or to maintain certain activities in an existing domain such as .com. Many banks will purchase terms related to their main brand trademark, but also for their products, services or locations.
 
5. Once banks have made the decision to purchase one or more The Bank-Domain domains, they need to consider how it will be deployed. It is expected that some banks will transition their consumer-facing online presence to the Bank-Domain to maximize the value of participation, while others will use the new address as a channel to communicate with customers, other banks or regulators.

"It’s critical that banks get educated and mobilized quickly," said Schwartz. "The .bank domain will be a trusted, verified, more secure and easily identifiable location on the Internet for them to do business. Banks that can organize themselves now will be the ones that truly take advantage of this significant step forward for the industry."

Marc Muller
http://www.domainregistry.de/bank-domain.html
http://www.domainregistry.de/bank-domains.html

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