Cyberbanking has reached a new level of convenience. Provident Bank of Cincinnati, Ohio, is now selling certificates of deposit, or CDs, through the Internet's World Wide Web (http://www.cin.ix.net/provident).
Consumers electronically fill out an application, giving their name, social security number and other vital information. Then they choose the value and type of CD they want to buy and are told where to mail a check. Provident Bank customers can even purchase the CD by transferring money from a savings or checking account.
The CDs are federally insured for up to $100,000 and Provident customers can choose CDs that mature in 32 days to 5 years, with annual percentage rates ranging from 3.25 percent to 5.65 percent.
Another new Internet tool is being introduced by Bolt Beranek and Newman, the Cambridge, Mass.-based company that helped create ARPANET, the precursor to today's Internet. During the last quarter of 1995, BBN will begin selling a communications device that allows a company to incorporate video and Internet protocol data in a single router.
BBN's T/40 Router will let organizations do videoconferencing over existing Internet systems, such as those used for electronic mail. For example, a bank with worldwide offices could add the BBN router to its existing IP networks to allow its corporate headquarters and branch offices to establish videoconferencing and real-time communication, said Avi Legmann, product line manager for BBN.
The $8,000 router was developed by BBN's Systems and Technologies Group and is based on proven technology being used by BBN and its government customers.
Another Team USA is being created, but instead of sports stars, aerospace giants will be the players. Lockheed Martin and Rockwell International have agreed to form a new company to compete for the upcoming space shuttle management contract. The two aerospace giants will evenly split future profits from the new company, called United Space Alliance, or USA.
Approximately two-thirds of the shuttle program is already controlled by either Lockheed Martin or Rockwell. Kent Black, Rockwell's executive vice president, said. The new company's only function will be to bid and carry out the shuttle contract. Most say that USA will be NASA's only realistic choice for the program manager role, although NASA isn't even saying if it will choose a single prime contractor to lead the project.