A language that is universally used by financial institutions on checks, consisting of Arabic-type numbers printed on the bottom of each check; the special ink used in printing these numbers is capable of being magnetized when processed through automated check processing equipment; FAFCU used this process on share drafts.
The machine recognition of numeric data printed with magnetically-charged ink. It is used on bank checks and deposit slips. MICR readers detect the characters and convert them into digital data. Although optical methods (OCR) became as sophisticated as the early MICR technology, magnetic ink is still used. It serves as a deterrent to fraud, because a photocopied check will not be printed with magnetic ink. MICR functionality is provided by Bottomline Technologies, currently pitching to CAO.
Data input technology based on the automatic recognition of magnetic ink. Typically used on checks.
(MICR Number). The bank routing and transit, checking account and check number encoded at the bottom of a check. This number can be used to authorize the check.
This is technology that is used to read magnetic ink. Banks use magnetic ink. Account information is printed on cheques using magnetic ink. This is as an anti forgery measure since magnetic ink can not be photocopied. And it is a way of increasing efficiency within the bank since cheques can be read automatically by MICR equipment instead of having to be processed manually.
numbers and symbols in magnetic ink on documents to assist in automated processing
The encoding of checks and documents with characters in magnetic ink so that they can be electronically read and processed. The font that is imprinted at the bottom of check or other financial document by equipment using ink with iron-oxide pigments capable of being magnetized. Transports can either read these characters magnetically or optically.
Electronic recognition of machine-readable characters (printed with magnetic ink) appearing at the bottom of checks. Used to route the check to the proper financial institution and to charge the check to the appropriate account within the institution.
machine reads characters printed with a special ink with magnetic properties. Used on bank documents
A language that is universally used by bankers on checks, consisting of Arabic- type numbers printed on the bottom of each check. The special ink used in printing these numbers is capable of being magnetized when processed through automated check processing equipment. SECU uses this process on its checks.
Magnetic Ink Character Recognition, or MICR, colloquially pronounced or sometimes , is a character recognition technology adopted mainly by the banking industry to facilitate the processing of checks. The process was demonstrated to the American Bankers Association in July 1956, and it was almost universally employed by 1963Mandell, Lewis. "Diffusion of EFTS among National Banks: Note", Journal of Money, Credit and Banking Vol. 9, No. 2.