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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 ...
At the item processing center, the checks are sorted by machine according to the routing/transit number as presented by the magnetic ink character recognition (MICR) line, and scanned to produce a digital image. A batch file is generated and sent to the Federal Reserve Bank or presentment point for settlement or image replacement.
Developed at the nonprofit research institution SRI International under contract from Bank of America, the project began in 1950 and was publicly revealed in September 1955. [1] [2] Payments experts contend that ERMA "established the foundation for computerized banking, magnetic ink character recognition (MICR), and credit-card processing". [3]
Under CTS, cheques are no longer physically transported to different clearing houses. They are processed at the bank where they are presented, where an image of the cheque using Magnetic ink character recognition (MICR) is captured and digitally transmitted. [56] [57]
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 ...
Bank card number – Used as Bank Identification Number; Bank code discusses formats used by other countries and regions. Bank State Branch, or BSB code used for Australian banks; International Bank Account Number; ISO 9362, the SWIFT/BIC code standard; Magnetic ink character recognition – How RTN's are printed; Sort code, used by British banks
Bank cheques, as well as various other items of value may also commonly leverage microprinting methods, but generally not of such extreme size. For example, personal bank cheques commonly place the characters MP next to the signature line of the cheque; these characters represent microprint and indicate that the signature line or other cheque ...