Advantages of MICR
- MICR technology revolutionized the check processing industry by significantly reducing processing time, increasing accuracy, and enabling automation.
- It allowed banks to process large volumes of checks quickly and reliably.
- MICR’s resistance to tampering and its standardized format also contributed to enhanced security in check processing.
MICR Full Form
Magnetic Ink Character Recognition (MICR) is mainly used to recognize and handle cheques. The series of characters at the left-hand bottom corner of a check is its MICR. It is made up of three sets of numbers: the check number, the customer’s account number, and the bank routing number.