Banking by electronics - fully integrated high speed processing of cheques and documents - made its official debut recently at the Valley National Bank in Phoenix, Arizona, USA.
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Background: Banking by electronics - fully integrated high speed processing of cheques and documents - made its official debut recently at the Valley National Bank in Phoenix, Arizona, USA.
First of its kind in the world, this system by International Telephone and Telegraph Corporation automatically places cheques and documents in transparent plastic jackets.
Pertinent information - the amount, account number or member bank code - is recorded on a strip of magnetic tape at the top of the jacket. All computations and sorting information are electronically "read" from this.
To assure accuracy, the jackets - each containing one item - are double checked by a verifier to make sure that items balance out. Next, they go to the prime sorter, where they are separated into 26 computer-selected groups. The jackets speed through at the rate of 25 thousand an hour. Information on the magnetic tape determines the pocket the jacket goes to.
Valley National documents are placed in a Classifier which breaks the items down by branch, individual account number and amount. The jackets travel through the machine until they are in numerical order. Four thousand items an hour can be placed in sequence. Finally, the items are automatically removed from their jackets. Then, they are ready for mailing.