Which of the following methods are used to read cheque in the bank?
Answers
Answered by
5
Magnetic ink character recognition or MICR code is a character-recognition technology which is used by banks to read cheques.
The banking industry uses the MICR code to ease the processing and clearance of documents. The MICR line is at the bottom of the cheques and other vouchers and includes the document-type indicator, bank account number, bank code, cheque amount, cheque number and a control indicator. MICR readers scan and read the information directly into the data-collection device. It is easy to read the MICR characters.
Answered by
4
MICR -
MICR or Magnetic Ink Character Recognition is a technology used to verify the legitimacy or originality of paper documents especially checks. Special ink, which is sensitive to magnetic fields, is used in the printing of certain characters on the original documents. Information can be encoded in the magnetic characters.
The use of MICR can enhance security and minimize the losses caused by some types of crime. If a document has been forged - for example, a counterfeit check produced using a color photocopying machine, the magnetic-ink line will either not respond to magnetic fields, or will produce an incorrect code when scanned using a device designed to recover the information in the magnetic characters. Banks use MICR readers to minimize their exposure to check fraud.
MICR or Magnetic Ink Character Recognition is a technology used to verify the legitimacy or originality of paper documents especially checks. Special ink, which is sensitive to magnetic fields, is used in the printing of certain characters on the original documents. Information can be encoded in the magnetic characters.
The use of MICR can enhance security and minimize the losses caused by some types of crime. If a document has been forged - for example, a counterfeit check produced using a color photocopying machine, the magnetic-ink line will either not respond to magnetic fields, or will produce an incorrect code when scanned using a device designed to recover the information in the magnetic characters. Banks use MICR readers to minimize their exposure to check fraud.
Similar questions