Of Special Interest
2nd August 2011
Plans for .bank top level domains
There could be new internet domains such as .bank coming relatively soon. This raises issues regarding potential fraud and security if not well controlled. The organisation that controls the domain names system on the internet announced last week that the formation of Top Level Domains (TLDs) - the bit after the dot will be open for commercial proposals from 2012. This proposal could change jpmorgan.com to jpmorgan.bank or barclays.com to barclays.bank.
In America the American Bankers Association, BITS, the technology policy division of The Financial Services Roundtable and Verisign have started working on a proposal to control the .bank TLD. They want to control the issuing of the domain names (the bit before the dot) for .bank to ensure only 'proper' banks can purchase and use the domain. They also see opportunities to improve security for the domains that use this TLD. It is not clear at this stage to what extent they wish to satisfy just the US market or the global banking market with these proposals. There will also be the opportunity for the word bank in other languages to be registered as a TLD, such as .Banca.