More appropriately called Pulse Code Modulation (PCM) Modems, these modems manipulate the way the telephone system works to send data to an analog “modem” type device at speeds of up to 56,000 bits per second (56Kbps). 56K modems work by using ISDN telephone equipment at one end of the connection to manipulate the PCM codes sent across the telephone network. When these PCM sample codes reach the Codec they are translated into a specific series of voltage changes that a PCM modem knows how to interpret. Data sent out by a 56Kbps modem is subject to the same physical restrictions of any modem, so its top “back channel” speed is 33.6Kbps. 56Kbps modems are built against the ITU-T V.90 or V.92 standards.
Source: CableLabs, 9/25/2007