Magnetic Ink Character Recognition (MICR) is an automatic reading system used to interpret numerical information printed in magnetic ink. It is commonly used on bank checks and deposit slips. The characters are scanned by MICR readers and converted into digital data. Even though optical technologies (OCR) have advanced to the level of early MICR technology, magnetic ink is still widely used due to its robust security features that deter fraud.
Font Used for MICR
The E13B standard typeface is used to print MICR digits and symbols on bank checks and deposit slips. This font only contains 14 characters.
Original MICR Machine
In the 1970s, the “football field-long” check-processing and credit card slip processing device from Recognition Equipment was in use. This machine was the first of its kind and helped in the development of MICR technology.
MICR Today
In modern times, both MICR and OCR processing are supported by the latest devices. However, MICR is still a preferred method due to its reliability and security.
Frequently Asked Questions (FAQs)
What is the advantage of using MICR technology?
MICR technology provides greater security and accuracy when reading bank checks and deposit slips. Magnetic ink makes it difficult to falsify or duplicate these documents, helping to deter fraud.
Is magnetic ink still in use today?
Yes, magnetic ink is still in use today due to its reliability and security features.
What font is used for MICR?
The E13B standard typeface is used to print MICR digits and symbols on bank checks and deposit slips. This font only contains 14 characters.
In conclusion, MICR technology has played a significant role in the banking industry by providing a reliable and secure way to process checks and deposit slips. Magnetic ink ensures that these documents cannot be falsified or duplicated, making it an effective way to deter fraud.
