MICR (Magnetic Information Character Recognition)

MICR, or Magnetic Ink Character Recognition, is a technology used in banking to facilitate the processing of checks. It involves using magnetic ink to print specific numbers on the bottom of checks, which includes the bank's routing/transit number, the account holder's account number, and the check number. These numbers are printed in a special font that can be read by electronic readers and scanners.

Overall, MICR is a foundational technology in the banking industry, enabling secure and efficient processing of checks. This system not only provides essential security features to prevent fraud but also supports the high-speed automation and processing of large volumes of checks, which is vital for modern financial transactions.