The BITS division was formed in 1996 by the CEOs of member institutions to foster the growth and development of electronic financial services and e-commerce for the benefit of financial institutions and their customers. We work to sustain consumer confidence and trust by ensuring the security, privacy and integrity of financial transactions. BITS provides intellectual capital and addresses emerging issues where financial services, technology and commerce intersect, acting quickly to address problems and galvanize the industry. We serve as subject matter experts to the industry on technology and business issues and educate the Administration, Congress and regulators on those issues without being lobbyists.

BITS’ priority initiatives are driven by the CEOs and their appointees—CIOs, CTOs, Vice Chairmen and Executive Vice Presidents, and from throughout our member institutions, including fraud, compliance and vendor management specialists — who make up the Roundtable Technology Committee of the Board of Directors, BITS Advisory Board, BITS Advisory Council, Steering Committees and Working Groups. These leaders identify issues, develop strategic recommendations and implement the CEOs’ decisions.

BITS also facilitates cooperation between the financial services industry and other sectors of the nation’s critical infrastructure, government organizations, industry associations and technology providers in identifying problems and developing solutions.

MANDATE

• Facilitate the growth of electronic banking and financial services.
• Facilitate development of superior, market-driven technologies.
• Maintain the industry’s role at the heart of the payments system as e-commerce evolves.
• Sustain consumer confidence and trust by ensuring the safety, soundness, privacy and security of financial transactions.
• Leverage resources and infrastructure across the industry.