Two suggestions to improve on the efficiency of the check computations in the banking system in Belgium

Two suggestions to improve on the efficiency of the check computations in the banking system in Belgium

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Article ID: iaor1990182
Country: Netherlands
Volume: 42
Issue: 1
Start Page Number: 52
End Page Number: 58
Publication Date: Sep 1989
Journal: European Journal of Operational Research
Authors:
Keywords: finance & banking
Abstract:

Choosing m=97 as modulus for the computation of the check digits in an account number of a Belgian bank account, it was assumed that m had to be selected from the set of primes. The paper shows that this restrictive assumption is incorrect by introducting m=93 as a more efficient modulus than the current m=97. The advantage of using m=93 appears in the capacity of detecting two altered digits. It also presents a slight modification of the check system, yet more reducing the probability of an undetectable error pattern. The paper may be of practical interest for banking in those countries where a national standard structure of account numbers does not yet exist, but where its establishment is given serious consideration to.

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