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IBM 1419
IBM manufactured and sold document processing equipment such as proof machines, inscribers and document reader/sorters for financial institutions from 1934 to 2005. IBM and document processing Prior to the introduction of computers, cheque processing was performed manually by each institution. IBM recognised the opportunity to automate this processing and began a long period of building machines for this purpose, a period that started when IBM announced the IBM 801 Bank Proof machine in 1934. By eliminating hand written ledgers, the IBM 801 automated teller operations. By the mid 1950s many banks began to investigate how they could use new technology to help them handle the ever growing volume of cheques that needed to be processed on a daily basis. As an example, Bank of America's checking accounts were growing at a rate of 23,000 per month and banks were being forced to close their doors by 2 p.m. to finish daily postings. Meanwhile, in the United Kingdom, wages began t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
CMC-7
Magnetic ink character recognition code, known in short as MICR code, is a Optical character recognition, character recognition technology used mainly by the Bank, banking industry to streamline the processing and Clearing (finance), clearance of cheques and other documents. MICR encoding, called the ''MICR line'', is at the bottom of cheques and other vouchers and typically includes the document-type indicator, bank code, bank account number, cheque number, cheque amount (usually added after a cheque is presented for payment), and a control indicator. The format for the bank code and bank account number is country-specific. The technology allows MICR readers to scan and read the information directly into a data-collection device. Unlike barcode and similar technologies, MICR characters can be read easily by humans. MICR encoded documents can be processed much faster and more accurately than conventional Optical character recognition, OCR encoded documents. Pre-Unicode standard r ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Service Bureau Corporation
The Service Bureau Corporation (SBC) had its origins in 1932 as the Service Bureau Division within IBM and was spun off as a wholly owned subsidiary in 1957 to operate IBM's burgeoning service bureau businesses. IBM had operated service bureaus in major cities beginning in the 1920s allowing users to rent time on tabulating equipment, and later computing equipment, to solve problems which couldn't justify a full-time equipment lease. In 1956, as a result of a consent decree with the United States Department of Justice, IBM spun off its service bureaus to force them to operate at "arms length" from the parent company. In 1968 IBM transferred its Information marketing Division to SBC. This included the CALL/360 time-sharing service, QUIKTRAN, BASIC, and DATATEXT (a text processing system similar to ATS). In 1973, to settle a multi-year lawsuit charging anti-competitive behavior in IBM's pre-announcement of a nonexistent high-end System/360 Model 92, IBM sold SBC for $16 milli ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
IBM System/360 Model 25
The IBM System/360 Model 25 is a low-end member of the IBM System/360 family. It was announced on January 3, 1968, 3 years before the IBM System/360 Model 22, as a "bridge between its old and new computing systems". History At a time when lower priced alternatives, such as service bureaus - by 1968, there were 32 such service bureaus serving the US National Institutes of Health (NIH) alone - and prior generation systems, such as the Honeywell 200, a competitor to IBM's own IBM 1401, were available, this model provided a stop-gap measure. Both the Model 25 and the Model 22, which had been marketed as entry level systems, were withdrawn on the same day, October 7, 1977. Models The Model 25 can be configured with 16K, 24K, 32K, or 48K of core memory. Characteristics The base Model 25 implements the System/360 standard and commercial instruction sets. The scientific or universal instruction sets are optional features. The Model 25 logic is built on IBM SLT modules mounted on plu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
IBM Check Processing Control System
CPCS (Check Processing Control System) is an IBM software product that supports high-speed check sorting within financial institutions. The software works in conjunction with check-sorting equipment, such as the IBM 3890. IBM began development of CPCS in or before 1971. It was scheduled to be available in October 1972, although the IBM System/360 and System/370 Bibliography shows CPCS documentation as newly added in the August 1972 edition. The goal was to create a database of all MICR entries and handle pass control. It was designed to work with OS/360 in 256KB of core storage. It was IBM Product 5734-F11. CPCS is run on IBM System/360 and later IBM mainframe computers and receives the data from the document processor and can store information from the cheques, including the bank number, branch number, account number and the amount the check was written for, as well as internal transaction codes. IBM withdrew CPCS from marketing on Nov 29, 2021. References See also * ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Optical Character Recognition
Optical character recognition or optical character reader (OCR) is the electronics, electronic or machine, mechanical conversion of images of typed, handwritten or printed text into machine-encoded text, whether from a scanned document, a photo of a document, a scene photo (for example the text on signs and billboards in a landscape photo) or from subtitle text superimposed on an image (for example: from a television broadcast). Widely used as a form of data entry from printed paper data recordswhether passport documents, invoices, bank statements, computerized receipts, business cards, mail, printed data, or any suitable documentationit is a common method of digitizing printed texts so that they can be electronically edited, searched, stored more compactly, displayed online, and used in machine processes such as cognitive computing, machine translation, (extracted) text-to-speech, key data and text mining. OCR is a field of research in pattern recognition, artificial intelligen ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
MICR
Magnetic ink character recognition code, known in short as MICR code, is a character recognition technology used mainly by the banking industry to streamline the processing and clearance of cheques and other documents. MICR encoding, called the ''MICR line'', is at the bottom of cheques and other vouchers and typically includes the document-type indicator, bank code, bank account number, cheque number, cheque amount (usually added after a cheque is presented for payment), and a control indicator. The format for the bank code and bank account number is country-specific. The technology allows MICR readers to scan and read the information directly into a data-collection device. Unlike barcode and similar technologies, MICR characters can be read easily by humans. MICR encoded documents can be processed much faster and more accurately than conventional OCR encoded documents. Pre-Unicode standard representation The ISO standard ISO 2033:1983, and the corresponding Japanese In ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Financial Institution
A financial institution, sometimes called a banking institution, is a business entity that provides service as an intermediary for different types of financial monetary transactions. Broadly speaking, there are three major types of financial institution: # Depository institution – deposit (finance), deposit-taking institution that accepts and manages deposits and makes loans, including bank, building society, credit union, trust company, and mortgage broker; # Contractual institution – insurance company and pension fund # Investment institution – investment banking, investment bank, underwriter, and other different types of financial entities managing investments. Financial institutions can be distinguished broadly into two categories according to ownership structure: * commercial bank * cooperative banking, cooperative bank Some experts see a trend toward homogenisation of financial institutions, meaning a tendency to invest in similar areas and have similar business str ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
IBM 3890 Document Processor
International Business Machines Corporation (using the trademark IBM), nicknamed Big Blue, is an American multinational technology company headquartered in Armonk, New York, and present in over 175 countries. It is a publicly traded company and one of the 30 companies in the Dow Jones Industrial Average. IBM is the largest industrial research organization in the world, with 19 research facilities across a dozen countries; for 29 consecutive years, from 1993 to 2021, it held the record for most annual U.S. patents generated by a business. IBM was founded in 1911 as the Computing-Tabulating-Recording Company (CTR), a holding company of manufacturers of record-keeping and measuring systems. It was renamed "International Business Machines" in 1924 and soon became the leading manufacturer of punch-card tabulating systems. During the 1960s and 1970s, the IBM mainframe, exemplified by the System/360 and its successors, was the world's dominant computing platform, with the company p ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
