ABA: .bank Domain Can Strengthen Payments System

The new .bank and .insurance domains coming online this year will provide an “incredible opportunity” to provide a more secure payments infrastructure, ABA and the Financial Services Roundtable said in a letter to the Federal Reserve officials leading the Fed’s faster payments initiative.

Because .bank has enhanced mandatory security requirements, it offers “a more secure place on the Internet with more protections and a tight-knight community of financial institutions than is possible in the .com world, ABA and FSR said. The groups invited participants in the Fed’s faster payments process to “learn about the potential benefits of the .bank top level domain as a way of mitigating security concerns of using public IP infrastructure for payments.”

ABA and FSR founded and together operate fTLD Registry Services, the financial services consortium that has been approved to operate .bank and .insurance. General registration for new .bank domains opens on June 23 at 8 p.m. EDT. This week more than 500 bankers participated in an ABA webinar answering questions about the launch and providing advice about how to prepare for registration.