Bank of America Implements ERMA and MICR

Based on technology originally developed at the Stanford Research Institute, in 1959 General Electric delivered the first 32 ERMA (Electronic Recording Method of Accounting) computing systems to the Bank of America. The system used MICR (Magnetic Ink Character Reading.) ERMA served as the BofA's accounting computer and check handling system until 1970.

The ERMA system was widely adopted by banks throughout the U.S. in 1959 and 1960.