The .bank domain name is a new generic Top-Level Domain ("gTLD"). This gTLD will be offered as a restricted registry, where only those with an affiliation to the banking and financial industry can register a .bank domain name.
In this case, proof of legitimate use of the Internet by the applicant is required for eligibility. This move will be a great opportunity for the banking and finance industry in Australia to gain an edge in their trade.
What is the purpose of .bank domain name?
The main aim of introducing this gTLD and restricting it to only those who belong to the banking and finance industry is to enhance consumer trust in online transactions.
This way, customers will be able to identify which businesses are genuine and reliable.
This move by ICANN will highlight a secure way for the banking and finance industry to conduct their business over the Internet. Also, this will help protect consumers from fraud in online transactions.
This gTLD will also solve the problem of phishing by eliminating false websites that clone existing brands with a .com extension.
It will be easy for customers to identify if they are using an official website of the bank or financial institution, based simply on the domain extension.
What are the benefits of the .bank domain name?
This gTLD is not only restricted to banking and financial institutions but also to their partners, affiliates, suppliers, etc. However, they should be able to prove that they are part of this industry.
This will help customers identify whether the website is genuine or not. Also, it is easier for them to distinguish between a legitimate banking site and phishing sites.
What are the eligibility criteria of the .bank domain name?
The main requirement to get a gTLD is to show that you have a legitimate claim over it and can prove yourself eligible for it.
For .bank gTLD, all applicants need to fulfill the eligibility criteria as prescribed by ICANN and be approved by the bank regulatory authority (e.g., State Banking Commission in Australia).
This makes sense since only those with a legitimate claim over the banking and finance industry will be able to register a .bank domain name.
How to apply for a .bank domain name?
All applicants need to go through the gTLD application procedure as prescribed by ICANN.
This includes fulfilling all the eligibility criteria and filing an application form to register a specific domain name. All such details will be available on their website.
Do I need bank approval to get a .bank domain name?
Applicants who fulfill the eligibility criteria of .bank gTLD will be able to register a .bank domain name just by submitting an application.
However, they should get approval from their banking and financial institution's governing authority on whether they can use it for business or not.
If approved, then only you can register this new gTLD.
What are the registration restrictions of .bank domain name?
The main aim is to restrict this gTLD to only members of the banking industry, who can prove that they are legitimate users.
This means that individuals would not be able to register a .bank domain name unless they have an affiliation with banks or financial institutions.