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What does magnetic ink character reader mean?

Updated: 10/3/2023

Wiki User

∙ 12y ago

Best Answer

magnetic ink character reader as defined by the ANSI is the common machine language specification for paper based payment transfer data.

The MICR technology is primilarily used by banking industry to facitilate the processing cheques.the technology allow the computer to read the information such as accont no. off printed document unlike barcodes or similar technologies . however MICR character are easily read by human

Wiki User

∙ 12y ago

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Wiki User

∙ 11y ago

Magnetic ink character recognition (aka MICR) is a type of automatic data entry, it is used in banks as the machine reads the data on the checque, e.g. branch number, more accuratley than the human eye, so it minimises the risk of error

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Wiki User

∙ 14y ago

Answer

OCR (optical character recognition) software for processing bank cheques and routing transactions to the correct ABA bank numbers and account numbers

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Related questions

What is full form of micr code?

MICR stands for magnetic ink character reader

How is ink made magnetic?

MICR is used to facilitate the processing of cheques in banking systems. the data is typed in magnetic ink, mostly iron oxide which can be detected by a magnetic ink character reader and processed.

Who invented the magnetic ink card reader?

rahul borole

What is a data input technology based on automatic recognition of magnetic ink?

micr(magnetic ink character recognition)

What is a MICR device?

Magnetic Ink Character Recognition

Disadvantages of magnetic ink character readers?

ink gets finished so fast

What do the initial micr stands for?

Magnetic Ink Character Recognition

What is the full form of MICR code?

The MICR (Magnetic Ink Character Recognition) code has 9 digits and are also used to identify the bank-branch for cheque clearing and online transaction processes. You can find MICR or IFSC codes of all branches across Indian at www.indiancodes.org Its quite faster too.

What is the difference between MICR and OCR?

MICR stands for Magnetic Ink Character Recognition. OCR stands for Optical Character Recognition. The former uses magnetic ink, the latter doesn't.

What is micr?

MICR devices can read:Numbers

What is the expansion of MICR on demand draft?

Magnetic ink character recognition

What does MICR stand for in computer terms?

Magnetic Ink Character Recognition

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