magnetic ink character recognition (MICR)
Magnetic Ink Character Recognition (MICR) is a machine-readable code developed by ANSI and used primarily in North America, Australia and some other countries for marking paper documents and mainly checks.
As can be seen from the name, the MICR code is printed with a special magnetizable ink that has iron oxide mixed in. The MICR code is printed at the bottom of the check and can be read automatically by appropriate document readers.
The MICR code consists of 14 characters, specially developed digits 0 to 9 and four special characters. The individual characters are fixed in width and the entire code line is fixed in positioning. Character sets frequently used with the MICR code are the E13B and Coded Magnetic Character 7( CMC7). The MICR code is characterized by a low error rate and a high processing speed, which is higher than that of optical character recognition( OCR).