ABA Banking Journal - September 2014 - (Page 4)

ABA chairman's view BY JEFF PLAGGE What you should know (and do) about .bank F "Banks should register .bank domains to ENHANCE TRUST within the online financial services ecosystem" JEFF PLAGGE President and CEO, Northwest Financial Corp., Arnolds Park, Iowa 4| ABA BANKING JOURNAL | SEPTEMBER 2014 or 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 toplevel 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. Still others may take the opportunity to get a better address on .bank than they were able to get on .com. But the best reason for engagement is that banks should register .bank domains as a strategic investment supporting a community initiative to enhance trust within the online financial services ecosystem. Not everyone knows how they'll use their new .bank domain, but most seem determined to secure it since the domain brings with it certain advantages. Among them: Only verified members of the banking community will be eligible for .bank, and .bank sites will be subject to strict security standards. These features, which help prevent misdirection and spoofing of bank websites by fraudsters, will enhance consumer trust in an era of increasing cybersecurity threats. ABA has posted information about .bank-including timelines, the registration process, and information about protecting your trademarks during the 30-day "sunrise period"-on aba.com/ dotbank. I encourage you to visit the site and begin planning now for this potentially pivotal moment in banking's online history. You'll see that .bank domains will be approved on a first-come, first-served basis. That's why it's important to organize a team now to talk through and plan your domain expansion. Most important, consider .bank as an opportunity to demonstrate to customers that your bank-and the banking industry-is committed to innovation that makes their lives simpler and safer. It's one more step that ABA is taking to get you back to the business of banking. http://www.aba.com/dotbank http://www.aba.com/dotbank

Table of Contents for the Digital Edition of ABA Banking Journal - September 2014

Chairman's View
Editor's Column
The Economy
Bank Notes
Picture This
Sales of insurance pay off
Pass the Aspirin
Payment trends: Threat or opportunity?
Working together to protect against identity theft
Tech Topics
Compliance Inbox
Around the ABA
First Person

ABA Banking Journal - September 2014

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