• Business
  • Crypto
  • Investing
  • Lifestyle
  • Money
  • Glossary
    • A
    • B
    • C
    • D
    • E
Search
Finance Reference
Quotes by TradingView
  • Business
    • The Benefits of ERP Software in the Construction Industry
      Learn How Web Optimization Can Catapult Your Business With This Easy Guide
      The Pros and Cons of Incorporating for Tax Purposes in Canada
      How Hiring Professionals Can Help You Sell Your Home Faster
      Take These Steps to Help Your Business Stand Out in International Exhibitions
  • Crypto
    • Unveil the Hidden Delights of Internet Betting for Unforgettable Wins
      Bitcoin’s Role in the Financial System of Germany
      Bitcoin and blockchain: Exploring the potential for new use cases and applications
      Understanding the blockchain: How it powers Bitcoin
      The Role of Mining in the Crypto Ecosystem: Why it Matters
  • Investing
    • How effective is Elliott wave theory?
      The Impact of Cryptocurrency Investment on Inflation – A Comparative Analysis
      How can you explain interest rate predictions?
      Errol Damelin’s Financial Golden Guidelines To Boost Investment Success Rates
      Forex Trading: What You Need to Know
  • Lifestyle
    • 4 Questions to Plan for Retirement Together
      Tips On How To Earn Some Money When Gambling Online
      Don’t Risk Your Belongings: Discover Why You Need a Residence Evacuation Pro
      Safeguarding Your Finances: Tips for Spotting and Avoiding Online Gambling Scams
      Delta-8 THC: What It Is and How It Differs from Delta-9 THC
  • Money
    • Make Money Online: 7 Real and Easy Ways
      Exploring the Basics of Stablecoins
      A Comprehensive Guide to Instant Cash Advance Apps: How They Work and What to Look For
      What is Astropay And How Does It Work?
      Building a Strong Credit Score: Your Roadmap to Financial Success
  • Glossary
    • Fix vs Trunk Club
      Comparing Stitch Fix vs Trunk Club: Which Subscription Box is Best for You?
      Relationship Between the Stock Market and the Economy
      Understanding the Relationship Between the Stock Market and the Economy
      What to Do with Your Bonus Money
      What to Do with Your Bonus Money
      How Much Money Do I Need to Quit My Job?
      How Much Money Do I Need to Quit My Job?
      How to Invest in Yourself as a Woman
      How to Invest in Yourself as a Woman
      AllABCDE
  • Glossary
  • M

Magnetic Ink Character Recognition Line (MICR)

By
rjonesx
-

What is ‘Magnetic Ink Character Recognition Line – MICR’

The information that appears at the bottom of a check that includes the bank’s routing number, the customer’s account number, and the check number. The magnetic ink character recognition line is printed using technology that allows computers to read the printed information. Using MICR, computers can quickly read routing numbers, account numbers and other information from printed documents including checks. MICR numbers, letters and symbols are printed with magnetic ink or toner, usually in one of two major MICR fonts. The magnetic ink allows the computer to read the characters even if they have been covered with signatures, cancellation marks or other marks.

Explaining ‘Magnetic Ink Character Recognition Line – MICR’

MICR (often pronounced micker) is used mainly by the banking industry. A benefit of MICR over other computer-readable information such as bar codes is that humans are able to read MICR. The two MICR fonts that are used worldwide are E-13B and CMC-7. These unique fonts are used to help computers recognize the characters and limit check fraud.

Further Reading

  • Remote negotiable instrument processor – patents.google.com [PDF]
  • Method and system for funding a financial account – patents.google.com [PDF]
  • The Need for Speed: Who Should Bear the Financial Responsibility for Magnetic Ink Encoding Errors and the Future of Check Processing Technology – heinonline.org [PDF]
  • Pure data: moments in a history of machine-readable type – journals.sagepub.com [PDF]
  • Neural networks at work – ieeexplore.ieee.org [PDF]
  • Essence of Cheque Truncation System toward Efficient Financial Service Delivery in Nigeria – platform.almanhal.com [PDF]
  • The IBM 1275 recognition system and its development – link.springer.com [PDF]
  • Method and apparatus for character recognition systems – patents.google.com [PDF]
  • Modular system for printing and processing financial documents – patents.google.com [PDF]
Previous articleManderson Graduate School of Business
Next articleManaged Futures Account
rjonesx

RELATED ARTICLESMORE FROM AUTHOR

Fix vs Trunk Club

Comparing Stitch Fix vs Trunk Club: Which Subscription Box is Best for You?

Relationship Between the Stock Market and the Economy

Understanding the Relationship Between the Stock Market and the Economy

What to Do with Your Bonus Money

What to Do with Your Bonus Money

EDITOR PICKS

Quarter (Q1, Q2, Q3, Q4)

SPX vs SPY: Which is Better for Trading Options on the S&P 500?

Should I invest in additional life coverage?

Obsolete Inventory

FAAMG Stocks

Earnings Before Tax (EBT Formula)

Latest

The Benefits of ERP Software in the Construction Industry

4 Questions to Plan for Retirement Together

Learn How Web Optimization Can Catapult Your Business With This Easy Guide

Tips On How To Earn Some Money When Gambling Online

What To Expect When You File A VCF Claim

Don’t Risk Your Belongings: Discover Why You Need a Residence Evacuation Pro

  • A
  • B
  • C
  • D
  • E
  • F
  • G
  • H
  • I
  • J
  • K
  • L
  • M
  • N
  • O
  • P
  • Q
  • R
  • S
  • T
  • U
  • V
  • W
  • X
  • Y
  • Z
  • About
  • Accessibility
  • Privacy
  • Sitemap