The banking sector uses magnetic ink character recognition code, often known as MICR code, as a character recognition technology to speed up the processing and clearance of checks and other documents.
What is MICR?
A technology called magnetic ink character recognition (MICR) is used largely to recognize and handle cheques. The series of characters at the left-hand bottom corner of a check is its MICR. It consists of three sets of numbers: the account number, the check number, and the bank routing number.
A nine-character routing number, a 12-character account number, and a four-character check number are all included in the MICR, starting from the left.
FAQ
Ans. Magnetic Ink Character Recognition is abbreviated as MICR. This technology is mostly employed in the financial sector to confirm the validity of papers. It facilitates the swift processing and clearance of numerous banking documents, including checks.
Ans. The first automated check processing system, called MICR, was created by the Stanford Research Institute and General Electric Computer Laboratory around the middle of the 1950s.
Ans. Full form of MICR is Magnetic Ink Character Recognition.
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