History of MICR
MICR technology was first developed in the 1950s as a solution to automate check processing in the banking industry. It was introduced to improve the efficiency and accuracy of check clearing and processing operations. The American National Standards Institute (ANSI) and the International Organization for Standardization (ISO) have established standards for MICR printing, which define the font, character set, and encoding rules.
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.