Industry WIKI

The Check Clearing for the 21st Century Act (or Check 21 Act) is a United States federal law, Pub. L. 108–100 (text) (PDF), that was enacted on October 28, 2003 by the 108th U.S. Congress. The Check 21 Act took effect one year later on October 28, 2004. The law allows the recipient of a paper check to create a digital version of the original, a process known as check truncation, into an

Cheque truncation (check truncation in American English, also cheque imaging) is a cheque clearance system which uses the digitization of a physical paper cheque into a substitute electronic form for transmission to the paying bank. The process of cheque clearance, involving data matching and verification, is undertaken using digital images instead of paper originals.

ERMA (Electronic Recording Machine, Accounting) was a computer technology that automated bank bookkeeping and check processing. Developed at the nonprofit research institution SRI International under contract from Bank of America, the project began in 1950 and was publicly revealed in September 1955.

IBM designed, manufactured and sold banking equipment such as branch teller terminals and automatic teller machines (ATMs) from the late 1960s until 1998 when they exited the banking hardware market by selling their ATM business to Diebold. The product families described here are listed in roughly chronological order.

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, che

A routing number is the term for bank codes in Canada. Routing numbers consist of eight numerical digits with a dash between the fifth and sixth digit for paper financial documents encoded with magnetic ink character recognition and nine numerical digits without dashes for electronic funds transfers. Routing numbers are regulated by Payments Canada, formerly known as the Canadian Payment

In the United States, an ABA routing transit number (ABA RTN) is a nine-digit code printed on the bottom of checks to identify the financial institution on which it was drawn. The American Bankers Association (ABA) developed the system in 1910 to facilitate the sorting, bundling, and delivering of paper checks to the drawer's (check writer's) bank for debit to the drawer's account.