MICR stands for Magnetic Ink Character Recognition.
It refers to the magnetic codes found on the bottom of cheques.
MICR uses special ink characters. When a document that contains this ink needs to be read it passes through a machine which magnetises the ink and then translates the magnetic information into characters. MICR is most commonly used in Banks, to interpret the various codes such the cheque number, sort code and account number on a cheque.
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