It is similar to TIA/EIA-232-F, but features a reduced driver output swing and higher data rates.
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RS-423 is an electrical standard, specifying driver and receiver requirements only - there is no common pinout for this interface. Unbalanced driver and a balanced receiver defined. The receivers? requirements are identical to specified in TIA/ EIA-422-B standard. TIA/EIA-423-B is intended to be referenced by complete standards, such as TIA/EIA-530-A. TIA/ EIA-423-B specifies a unidirectional, multidrop (up to ten receivers) interface. Advantages over TIA/EIA-232-F include: multiple receiver operation, faster data rates, and common power supplies (typically ?5V).

Total Number of Drivers and Receivers on One Line1 DRIVER
Maximum Cable Length4000 FT.4000 FT.
Maximum Data Rate100kb/s10Mb/s
Maximum Driver Output Voltage+/-6V-0.25V to +6V
Driver Output Signal Level (Loaded Min.)Loaded+/-3.6V+/-2.0V
Driver Output Signal Level (Unloaded Max)Unloaded+/-6V+/-6V
Driver Load Impedance (Ohms)>450100
Max. Driver Current in High Z StatePower OnN/AN/A
Max. Driver Current in High Z StatePower Off+/-100uA+/-100uA
Slew Rate (Max.)AdjustableN/A
Receiver Input Voltage Range+/-12V-10V to +10V
Receiver Input Sensitivity+/-200mV+/-200mV
Receiver Input Resistance (Ohms)4k min.4k min.
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Source(s) of this and additional information: "Summary of Well Known Interface standards" by National Semiconductor
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