MICR – Magnetic Ink Character Recognition:
The full form of MICR is Magnetic Ink Character Recognition is a technology to examine the originality of paper documentation, especially checks. They use the technology of special ink, which is sensitive to magnetic fields used in the printing of specific characters on the original documents.
The MICR on a check is the string of characters that appear at the bottom left of the check. Which, Contains, three parts of numbers, including the bank routing number, the accounting number, and the check number of the aspirants.
Characteristics of MICR:
- The MICR includes nine-character routing number from the left side, a 12-character account number, and a check number which consists of four characters.
- The magnetic ink is used to enable a machine to read, process, and record detail.
- MICR numbers are designed to be readable by both individual and sorting equipment. Most probably they can’t be fake or duplicated, because of the usage of magnetic ink and unique font style.
- The perks of the technology, are useful for the identification of fake checks and enhanced security against fraud, and modern mechanization of the unofficial check process.
Working process of Magnetic Ink Character Recognition (MICR):
Generally, the MICR number sometimes gets confused with the account number printed on the check using magnetic ink. Even Though, the magnetic ink allows a computer to read the characters even if they are in any condition like a number covered with signature, bank stamps, cancellation mark, and so on.
Conclusion:
Magnetic Ink Character Recognition (MICR) was invented in the year 1950 and it still exists and is used worldwide. The system was developed by the American Bankers Association (ABI) in the late 1950s and later recognized as an industry standard by the American National Standard Institute.