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CPCS (Check Processing Control System) is an IBM software product that supports high-speed check sorting within financial institutions. [5] [6] The software works in conjunction with check-sorting equipment, such as the IBM 3890.
Deluxe Corporation was founded as Deluxe Check Printers in Saint Paul, Minnesota by William Roy (W. R.) Hotchkiss, [6] after Hotchkiss secured a $300 loan. [7] [8] Hotchkiss was the creator of speed-enhancing inventions, including the Hotchkiss Imprinting Press (patented in 1925), a two-way perforator, and the Hotchkiss Lithograph Press (patented in 1928).
An application called Check Processing Control System (CPCS) is run on a main frame. It 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 cheque was written for, as well as internal transaction codes.
At first, these numbers served as check processing endpoints. When a customer from one bank wrote a check to a customer at another bank, the routing number let everyone know which bank would pay ...
In the 1950s, Burroughs worked with the Federal Reserve Bank on the development and computer processing of magnetic ink character recognition (MICR) especially for the processing of bank cheques. Burroughs made special MICR/OCR sorter/readers which attached to their medium systems line of computers ( 2700/3700/4700 ) and B200/B300 systems and ...
Routing numbers are required for many types of financial transactions, including check processing and wire transfers. Like the account number, the routing number can be found at the bottom of a check.
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Affiliated Computer Services, a large information technology supplier, paid $50,000, and the RDM Corporation, a small Canadian company that sells hardware and software for payment processing, agreed to "pay a fee for each check imaging terminal it deploys and 'a per-click royalty for storage of electronic documents and check information ...