MICR Full Form | What Does MICR Stand For?

MICR: Magnetic Ink Character Recognition

MICR Full Form

MICR full form stands for Magnetic Ink Character Recognition. Magnetic ink character recognition code is a feature recognition technology that facilitates the processing and clearance of checks and other documents, primarily by the banking industry.

The MICR line, called the MICR line, is at the bottom of the check and other vouchers and usually refers to the type of document, bank code, check number, bank account number, check amount that the check is presented for payment.

Brief Explanation

They are hidden under a nine-digit bank check. The first three digits represent the city code, the next three represent the bank code, and the last three represent the branch code. The bank code and bank account number formats are country-specific.

This technology allows MICR readers to scan and read the information in data collection tools. Unlike bar codes and similar technologies, MICR characters are easily read by humans. MICR encoded documents can be processed much faster and more accurately than traditional OCR encoded documents.

Advantages

  • It is easy to read even if there is some stamp or signature.
  • This provides a high degree of security as accurate inks are difficult to adhere to which makes it difficult to create documents.
  • The error rate is very low.
  • It has a demand for high quality. MICR fonts that do not meet these requirements have been rejected.
  • The cartridges used in MICR are much more expensive than normal cartridges.

What Is The Full Form Of MICR?

MICR full form stands for Magnetic Ink Character Recognition. It is a feature recognition technology that facilitates the processing and clearance of checks and other documents, primarily by the banking industry. This technology allows MICR readers to scan and read the information in data collection tools.

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