Search results
Results from the WOW.Com Content Network
Magnetic ink character recognition code, known in short as MICR code, is a character recognition technology used mainly by the banking industry to streamline the processing and clearance of cheques and other documents.
In this article, we will explore the role of the MICR code on a cheque and define what it is. What is MICR Code? “Magnetic Ink Character Recognition” (MICR) is a technology that uses a 9-digit code printed at the bottom of a cheque to quickly and accurately identify and process it.
We’ll tell you all about MICR codes, how they differ from routing and account numbers, where to find your MICR account number, what it’s used for, and fill you in on related terms you may come across. An MICR number is a long string of numbers along the bottom of a check, printed in magnetic ink.
The MICR on a check is the string of characters that appears at the bottom left of the check. It consists of three groups of numbers, including the bank routing number, the...
The MICR line at the bottom of a check contains the bank routing number, account number, and check number. A magnetic ink character reader (MICR) reads these numbers and processes the check by debiting the appropriate account.
MICR, also known as Magnetic Ink Character Recognition, is a technology used to encode essential information on checks in a format that can be easily read and processed by machines. It relies on the use of specially formulated magnetic ink and a unique MICR line to store and transmit critical check data.
Understanding what is MICR code is fundamental for anyone dealing with banking transactions, particularly those involving cheques. This 9-digit number not only ensures the efficient processing of cheques but also enhances the security and accuracy of transactions.