Skokie, IL (PRWEB) June 01, 2011
After a two-month appearance in New York’s Museum of American Finance, Accuity, based in Skokie, Illinois, is proud to display the original 1911 American Bankers Association’s Key to Routing Numbers directory at the Federal Reserve of Chicago’s Money Museum. The 100-year-old directory will debut on Tuesday, June 7 with an open-house, at which Hugh Jones, CEO of Accuity will be available for comment.
2011 marks the centennial anniversary of the publication of the first ABA Key to Routing Numbers, and though much in the banking industry – from technology to transportation – has dramatically transformed over the last 100 years, the routing number system is still in use today.
Before the routing number system was established, banks offered their own stamps on checks and other payment documents, and no uniformity of numbers existed. This was a source of complication and confusion. Liquidating one’s assets and transferring funds meant physically traveling with currency or gold, which often times led to robberies. The routing number system was created by the American Bankers Association as a mechanism for identifying each financial institution in the United States. Under the system, each bank was assigned a unique routing number, the first of which was assigned in 1911 to The Bank of New York. Today, there are over 24,000 active routing numbers in use in the United States. The company now known as Accuity has served as the Official Registrar of Routing Numbers for the American Bankers Association since 1911. In addition to the assignment of routing numbers to qualified institutions, Accuity also publishes the semi-annual ABA Key to Routing Numbers directory.
“With the success of the exhibit in New York, we are delighted to now share this valuable piece of American banking history with Chicago,” Hugh Jones, president and CEO of Accuity, said. “It is amazing to see how the introduction of the routing number system revolutionized the banking industry in the United States. But what’s more amazing is that, aside from new payment methodologies and the speed of payment processing, little has changed with the need for the routing number itself. A well-planned and well-managed system persists.”
"The Federal Reserve of Chicago is honored to host the 1911 ABA Key to Routing Numbers directory in our Money Museum. Students, educators and banking professionals from the Chicagoland area will have the chance to view this historic piece of banking history." said Chicago Fed Public Affairs Vice President, Doug Tillett.
For more information on Accuity and its role as the Official Registrar of ABA Routing Numbers, please visit http://www.accuitysolutions.com.
Accuity is the leading provider of global payment routing data, AML screening software and services that allow organizations, across multiple industries, to maximize efficiency and facilitate compliance of their transactions. As the Official Registrar of ABA Routing Numbers since 1911, Accuity maintains the most authoritative and comprehensive databases globally with a reputation built on the accuracy and quality of our data, products and services. For more than 150 years, our worldwide clients, located in over 150 countries, have included C-level executives, managers, and technology professionals. The solutions and services we provide are packaged in multiple formats to serve their diverse needs. For more information, please visit http://www.accuitysolutions.com.
ABOUT FEDERAL RESERVE BANK OF CHICAGO MONEY MUSEUM
The Federal Reserve Bank of Chicago is one of 12 regional Reserve Banks that, along with the Board of Governors in Washington, D.C., make up the nation's central bank. The Chicago Reserve Bank serves the Seventh Federal Reserve District, which encompasses the northern portions of Illinois and Indiana, southern Wisconsin, the Lower Peninsula of Michigan, and the state of Iowa. In addition to participation in the formulation of monetary policy, each Reserve Bank supervises member banks and bank holding companies, provides financial services to depository institutions and the U.S. government, and monitors economic conditions in its District.