Computerization and Financial systems
Automatic Teller Machine
Outside of military, government and research usage, some of the world earliest users of large scale computers were the financial and banking sectors of the Western World. The beginnings of computerization in the financial industry can be traced back the early 1950’s and in particular to the Bank of America’s sponsorship of the ERMA (Electronic Recording Method of Accounting) project at the Stanford Research Institute. Designed to automated the banks checking account systems that project was revolutionary and delivered the Bank of America a decisive edge over it’s competitors by streamlining the processing of the many thousands of customer checks it handled on a daily basis. More »