Magnetic ink character recognition readers are the primary tool used for check sorting, processing and validation. These font types are certified by the International Organization for Standardization, and their use varies by country. In addition to being printed with magnetic ink, the numbers and symbols on checks use one of two custom MICR fonts: E-13B or CMC-7. These symbols are used to delimit the bank code, customer account number, transaction amount, and parts of the routing or account numbers. The banking, routing and account numbers are surrounded by four special symbols that indicate Transit, Amount, On-Us and Dash. These four symbols appear at the bottom of a check along with the routing, account and check numbers. Some banks may reverse the order of the account and check numbers. This number should be identical to the number printed at the top right-hand corner of the check. The check number is a three- or four-character number used to identify a check in a series of checks for an account holder. So, for example, every check for that account at that bank has the same account number. The account number is a 12-character number used to identify the checking account associated with the check.For example, every check issued by a Chase bank branch in Florida has the same routing number. Banks are issued routing numbers based on the state in which they operate. The routing number is a nine-character number used to identify the bank on which the check is drawn.MICR is made up of routing, account and check numbers: The magnetic ink, which usually contains iron oxide, enables a computer to read the MICR numbers, even if they've been covered by marks or writing. Magnetic ink character recognition works by printing a MICR line on a check using magnetic ink or toner. How does magnetic ink character recognition work? For example, if a counterfeit check is produced using a color photocopying machine, the magnetic ink line either won't respond to magnetic fields or will produce an incorrect code when scanned using a reader-sorter that views the information in the magnetic ink characters.Ĭompared to technologies such as barcodes, MICR can be read quickly by machines and humans. MICR use can enhance security and minimize the losses caused by some types of fraud. The routing, account and check numbers are all printed using special MICR ink. These three sets of numbers act as unique identifiers for the check and the person who signs it. The order of number sets is country-specific. It consists of three number sets: the bank routing number, the account number and the check number. The MICR line is the sequence of numbers and characters that appear at the bottom of a check. Retailers also often use MICR readers to minimize their exposure to check fraud. MICR, which is pronounced as mick-er, is commonly used by banks and other financial institutions to accelerate the processing and clearance of checks. Special ink, which is sensitive to magnetic fields, is used to print certain characters on the original documents. MICR (magnetic ink character recognition) is a technology invented in the 1950s that's used to verify the legitimacy or originality of checks and other paper documents. What is MICR (magnetic ink character recognition)?
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |