What Happened on January 28th
january 28, 1952 Bank of America and SRI Sign a Contract to Develop ERMA's Pilot Model
Bank of America and SRI signed a contract for phase 3 of the proposal covering the development, construction, and testing of a pilot model ERMA to provide service to 12 branches. ERMA was a computer-based system to process the increasing number of checks in circulation after World War II. The contract specified that Bank of America would pay SRI no more than $850,000 over four years, with an additional $25,000 for subcontracts. Although the final expenses were never released, most engineers estimate that the grand total was actually around $10 million.