Question

What is MICR (Magnetic Ink Character Recognition)?

Answer 1

Magnetic Ink Character Recognition is a character recognition system, primarily used by banks.

Explanation:

Magnetic Ink Character Recognition is a technology that uses special ink and characters to make machine reading possible. So, a document that contains this special ink, will be passed through a scanner which will then recognize the information and facilitate appropriate action. MICR technology is primarily used by banks where the bank and account information is stored on the cheque leaves using this technology.

Answer 2

Answer:

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 and is used to verify the legitimacy or originality of paper documents, especially checks.