MICR Abbreviation

Looking for MICR abbreviation? We have got you covered in this guide. We have listed down different possible abbreviations of MICR in various groups like Business, Computing, and Regional.

FullFormFactory is the largest source of abbreviations generated in different ways using AI and verified by our community. You can see all the abbreviations in different categories popularity-wise followed by the most popular abbreviation of MICR in the image.

Popular abbreviations of MICR:

Searching for MICR abbreviation / MICR full form leads to different results in different categories. The below table illustrates the popular acronyms among them.

You can download this image and share it on social media. If you are a website owner, you can add appropriate citations to use this MICR full form, meaning image.

What does MICR mean?

MICR refers to Magnetic Ink Character Recognition. It is a character-recognition technology that is used to identify and process cheques. The technology is used primarily by the banking system to quicken up the process of cheque clearing.

The recognition is done through the MICR line, which is a unique string of characters appearing on the bottom of cheques. It depicts various details regarding the document such as

• Bank routing number – a nine-character number
• Account number – 12 digit number
• Cheque number – 4 character number

The components and lengths of the MICR line may depend from country to country.

The MICR tech was first developed in the 1950s by the American Bankers Association and soon got recognized as an industry standard. The unique fonts used in the MICR line are specially designed and were named E-13B and CMC-7.

The MICR details of a cheque or any other document cannot be faked or duplicated because of the magnetic ink and unique font used in them. This technique allows the MICR reading devices to directly catch the details and feed them into the computers. The prominent advantage of MICR technology is that it is much more accurate and quick than its other counterparts and can be understood by humans as well.

Advantages of using MICR

MICR has become more common of late. This has been pure because of its many advantages. Some of them are as follows:

• Since MICR can’t be copied, it provides utmost security to the individuals using the cheques.
• The tech has increased the efficiency of cheque processing and has substantially reduced the time taken.
• The special ink and fonts reduce some financial frauds to a great extent.
• It also provides the automatic clearance feature at the central system.
• Even if there is some damage in the numbers, or any other marks are present, the magnetic ink allows proper reading of characters.
• The chances of errors in MICR are less as compared to other technologies out there.