BANK DEPOSIT SYSTEM
November 19, 1957
Shown here is a major portion of the electronic bank deposit accounting equipment demonstrated by IBM today. The equipment was shown to the press as a part of an interim progress report on IBM's banking program.
The system demonstrated red paper checks for sorting, posting and automatic preparation of customers' statements. It includes a high-speed IBM 650 Computer with an operator's central control console (center); a vast random access disk memory unit (RAMAC) (left) with a storage capacity of 6,000,000 digits able to provide for 40,000 accounts; and an entirely new check sorting and reading machine (right). Designed around the use of magnetic ink identification on checks, this sorter-reader unit automatically sorts intermixed checks digit-by-digit at speeds up to 900 checks a minute and reads them into the data processing system.
IBM officials emphasize that the equipment demonstrated is experimental and will not be marketed. The market version is planned to incorporate Arabic magnetic characters instead of the magnetic code used on the system demonstrated today.
Original Caption by Science Service