Magnetic Ink Character Recognition (MICR) is two-dimensional barcode font standard used to print MICR fonts for bank checks and paper based drafting. MICR is character recognition technology used primarily by the banking industry to facilitate the processing of cheques. It describes the special typeface and ink used to encode the numbers and symbols printed on the bottom line of checks and other documents for high-speed magnetic or optical processing.
Magnetic Ink Character Recognition is the common machine language specification for the paper-based payment transfer system. It consists of magnetic ink printed characters of special design which can be recognized by high speed magnetic recognition equipment. This series of readable characters provides Magnetic ink character recognition the receiving party with information needed for processing the check including: check number, bank routing number, checking account number and in some cases the amount of the check. MICR technology used to verify the legitimacy or originality of paper documents, especially checks. The use of MICR can enhanced security and minimizes the losses caused by some types of crime.
MICR is character recognition technology that primarily used in the banking industry to facilitate the processing of cheques and makes up the routing number and account number at the bottom of checks. The technology allows computers to read information (such as account numbers) of printed documents.
MICR Fonts are the characters that appear at the bottom of checks or financial documents. There are two different types of MICR fonts that are: