What Is MICR In Banking?
One such technology that has revolutionized the banking industry is Magnetic Ink Character Recognition (MICR). MICR is a system that allows the automatic processing of checks and other financial documents. The primary purpose of MICR is to facilitate the electronic processing of checks and other financial documents. The adoption of MICR technology by financial institutions has significantly streamlined the check processing system. Banks can now process large volumes of checks with speed and accuracy, reducing errors and fraud attempts....