MICR (Magnetic Ink Character Recognition)
Technology enabling automated cheque processing with specialized ink.
Detailed Description
MICR (Magnetic Ink Character Recognition)
What is the primary use of MICR technology?
MICR technology is primarily used in the banking and finance sectors for processing cheques and other financial documents.
How does MICR technology work?
MICR works by using magnetic ink to print characters that are magnetized and can be read by specialized MICR readers using magnetic and optical sensing.
What are the advantages of using MICR?
The advantages of MICR include automation of document processing, low error rates, durability against wear and tear, and enhanced security.
What are the limitations of MICR technology?
Limitations of MICR include the need for specialized equipment, potential reading errors with non-standard inks, and reduced effectiveness with damaged documents.
How does MICR compare to other data capture technologies?
MICR offers distinct advantages over OCR and barcodes in financial contexts, providing higher accuracy and security specifically for financial documents.