Magnetic Ink Character Recognition (MICR)

Magnetic Ink Character Recognition (MICR) refers to a device that can read magnetic characters found on a document; it reads data, but does not process data. MICR was developed primarily for the banking industry, to increase the speed, efficiency, and accuracy to check processing. MICR input devices automatically read characters printed at the bottom of a check, such as the account number, the type of account, the name of bank, and so on.