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Acronyms that contain the term magnetic ink character recognition
What does magnetic ink character recognition mean? This page is about the various possible meanings of the acronym, abbreviation, shorthand or slang term: magnetic ink character recognition.
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What does magnetic ink character recognition mean?
- Magnetic ink character recognition
- Magnetic ink character recognition code, known in short as MICR code, is a character recognition technology used mainly by the banking industry to streamline the processing and clearance of cheques and other documents. MICR encoding, called the MICR line, is at the bottom of cheques and other vouchers and typically includes the document-type indicator, bank code, bank account number, cheque number, cheque amount (usually added after a cheque is presented for payment), and a control indicator. The format for the bank code and bank account number is country-specific. The technology allows MICR readers to scan and read the information directly into a data-collection device. Unlike barcode and similar technologies, MICR characters can be read easily by humans. MICR encoded documents can be processed much faster and more accurately than conventional OCR encoded documents.
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"magnetic ink character recognition." Abbreviations.com. STANDS4 LLC, 2024. Web. 3 Jun 2024. <https://www.abbreviations.com/magnetic%20ink%20character%20recognition>.
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