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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 ...
The MICR codes and cheque details are normally encoded as text in addition to the image. [citation needed] The bank where the cheque was deposited would typically do the truncation and this dramatically decreased the time it took to clear a cheque. In some cases, large retailers that received large volumes of cheques would do the truncation.
The 3897 Image Capture System was effectively a scanning system which captured images of each cheque using a new special module. It could capture either the front of each cheque (referred to as the Basic Image System) or the front and back of each cheque (referred to as the Full Image System).
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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 ...
Under the current Federal Reserve Board guidelines the customer has a time frame of 90 days from the time the check was deposited to dispute the transactions. [4] Check drafting is creating a valid legal copy of the customer's check, on the customer's behalf. Because it is created by the merchant, no signature is required.
A substitute check or cheque, also called an image cash letter (ICL), clearing replacement document (CRD), [1] or image replacement document (IRD), [2] is a negotiable instrument used in electronic banking systems to represent a physical paper cheque (check).
The MICR E-13B font was designed for automated reading by a very simple magnetic reader in the early days of automatic character recognition. The weight of strokes in the characters can be recognised as "light" or "heavy" by a simple circuit and these patterns then map directly to the bit patterns of a computer character set.