Banking Internet domain clears hurdle

Top banking industry groups announced Monday they’ll operate the new Internet domain “.bank,” which they say will better protect consumers.

Banks have been pushing since 2011 for the domain, arguing it would allow for more stringent cybersecurity protections.

They say they’ll be able to combat spammers and other malicious cyber activities by having financial services websites operating under one domain.

{mosads}“It’s an opportunity for the banking community to create a new space on the Internet to transact business and communicate with one another,” said Craig Schwartz, head of Financial Top Level Domains (fTLD) Registry Services, which will oversee the banking domain registry process.

Financial services firms won’t be required to switch over to the new domain. Banks that choose to register with “.bank” will be able to keep their “.com” domain in addition to their new Wb address.

The American Bankers Association and the Financial Services Roundtable formed fTLD in 2011 to tackle the banking domain issue.

They announced Monday that the Internet Corporation for Assigned Names and Numbers has given fTLD the go-ahead to authorize the domain beginning next year. The new domain could be ready for use as soon as 2015.