Magnetic ink character recognition code, known in short as MICR code, is a character recognition technology used mainly by the banking industry to streamline the processing and clearance of cheques and other documents. MICR encoding, called the MICR line, is at the bottom of cheques and other vouchers and typically includes the document-type indicator, bank code, bank account number, cheque number, cheque amount (usually added after a cheque is presented for payment), and a control indicator. The format for the bank code and bank account number is country-specific.
The technology allows MICR readers to scan and read the information directly into a data-collection device. Unlike barcode and similar technologies, MICR characters can be read easily by humans. MICR encoded documents can be processed much faster and more accurately than conventional OCR encoded documents.
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Magneticinkcharacterrecognition code, known in short as MICR code, is a characterrecognition technology used mainly by the banking industry to streamline...
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image-based cheque clearing system where cheque images and magneticinkcharacterrecognition (MICR) data are captured at the collecting bank branch and...
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privately held until 1965, during which time it began using magneticinkcharacterrecognition (MICR) check printing technology. By the 1980s, the company...
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with guidelines set by AusPayNet. AusPayNet also manages the Magneticinkcharacterrecognition (MICR) cheque encoding standards in Australia. The objective...
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