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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.
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.
A substitute check (also called an Image Replacement Document or IRD) [1] is a negotiable instrument that is a digital reproduction of an original paper check.As a negotiable payment instrument in the United States, a substitute check maintains the status of a "legal check" in lieu of the original paper check.
The version of the G0 set for the OCR-B font registered with the ISO-IR registry as ISO-IR-92 is the Japanese (JIS X 9010 / JIS C 6229) version, which differs from the encoding defined by ISO 2033 only in being based on JIS-Roman (with a dollar sign at 0x24 and a Yen sign at 0x5C) rather than on the ISO 646 IRV (with a backslash at 0x5C and, at the time, a universal currency sign (¤) at 0x24 ...
The Check Clearing for the 21st Century Act (or Check 21 Act) is a United States federal law, Pub. L. 108–100 (text), that was enacted on October 28, 2003 by the 108th U.S. Congress. The Check 21 Act took effect one year later on October 28, 2004.