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<p>In the early 1950s banking was faced with a paper-handling crisis. Banks were unable to keep on top of the rising number of checks and were unable to retain bookkeeping staff. Bank of America, then the largest bank in the world, turned to Stanford Research Institute to develop an automated bookkeeping and proofing system. SRI and BofA worked together to create ERMA (electronic recording machine - accounting) and to develop the MICR (magnetic-ink character recognition) check coding system. The work on this project demonstrates the necessity of senior executive involvement, strong leadership, and innovative engineering.</p>
Amy Weaver Fisher, James L. McKenney, "The Development of the ERMA Banking System: Lessons from History", IEEE Annals of the History of Computing, vol. 15, no. , pp. 44-57, January-March 1993, doi:10.1109/85.194091
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