The reading speed of MICR is faster than OCR. Magnetic ink readers are largely used in banks to read from a cheque, the cheque number, the bank number, the branch number and the customer’s account number.
MICR characters, such as those located on the bottom of a check that represent the bank routing number, check number and account number are inscribed on checks with magnetic ink when the checks are first printed.
MICR text uses a unique typeface, which gives it a distinct appearance that is readily recognizable by eye. The characters can still be read by the computer even after being overwritten with ordinary ink or handle with dirty hands.
Smaller units of MICR are used by many businesses to deposit paper checks remotely. To make a remote deposit using an MICR reader the check is scanned and then the check data is transmitted to the bank electronically for payment.
There are also MICR readers incorporated in most new ATM machines today to enable the MICR information located on checks inserted into the ATM machine to be read at the time of the deposit.
The advantages of magnetic ink character recognition include: accuracy, difficult to forge, can be read easily and speed or reading.
Magnetic ink character recognition (MICR) reader
