MICR Number Method
MICR Number Method is a recognition technique applied generally in the banking sphere in order to assist the processing of cheque. The figures are stamped in unique typefaces with magnetic ink or toner. The code can be read by a particular device, nevertheless, people are able to read it too. MICR* commonly can be found in the form of a strip on the bottom of the cheque. The codes are applied in the clearing procedure to recognize the branch and the financial organization as well.
It is frequently presented in the form of a 9-digit code, each 3 of them indicate some substantial data regarding the financial institution along with the transaction. In addition, this system enables the tools to scan and read the data straight into a data-collection machine. The code uses not only the numbers but also characters such as ‘transit’ applied to define a code of the bank, ‘on-us’ applied to define a client’s account number and many others. The codes commonly apply two main fonts: E-13B along with CMC-7. E-13B is an accepted font in Canada and Australia, the UK along with the USA whereas main countries of Europe use CMC-7.
By the way, CMC-7 font will use a 15-digit sequence. It includes 10 numbers alongside 5 special characters. This font uses a barcode system. This means there are two gaps in-between the numbers.
*MICR – magnetic ink character recognition