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MICR encoding, called the MICR line, is at the bottom of cheques and other vouchers and typically includes the document-type indicator, bank code, bank account number, cheque number, cheque amount (usually added after a cheque is presented for payment), and a control indicator. The format for the bank code and bank account number is country ...
A cheque signed by Richard Nixon, showing use of ⑆, ⑇, ⑈ and ⑉ in the machine-readable line. The MICR subheading contains four punctuation characters for bank cheque identifiers, taken from the magnetic ink character recognition E-13B font (codified in the ISO 1004:1995 standard): U+2446 ⑆ OCR BRANCH BANK IDENTIFICATION, U+2447 ⑇ OCR AMOUNT OF CHECK, U+2448 ⑈ OCR DASH, and U+2449 ...
Cheque Truncation System (CTS) or Image-based Clearing System (ICS), in India, is a project of the Reserve Bank of India (RBI), commenced in 2010, for faster clearing of cheques. [1] CTS is based on a cheque truncation or online image-based cheque clearing system where cheque images and magnetic ink character recognition (MICR) data are ...
the final "3" in the MICR is the check digit, and; the "01" below the fraction form is the branch number. In the case of a MICR line that is illegible or torn, the check can still be processed without the check digit. Typically, a repair strip or sleeve is attached to the check, then a new MICR line is imprinted.
Bank 1 captures an image of the front and back of the original check and the MICR line data from the front of the check. Bank 1 then removes or truncates the original check from the clearing process and uses the check image, MICR data, its own electronic endorsement, and the electronic endorsements to create a substitute check.
Cheque truncation (check truncation in American English) is a cheque clearance system that involves the digitization of a physical paper cheque into a substitute electronic form for transmission to the paying bank. The process of cheque clearance, involving data matching and verification, is done using digital images instead of paper copies.
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The Uniform Commercial Code permits the process of check drafting by defining signature in the following regulation: Uniform Commercial Code, Title 1, Section 1-201 (39). [8] This regulation only makes check drafting possible, not "required." Your bank may deny your items for deposit if they have reason to be suspicious.