The need of MICR technology increases day by day. It is the latest technology used in the banking system. MICR is the abbreviation of Magnetic Ink Character Recognition. The demand of it increases because a large number of checks process every day. The character used in the checks or other bank documents follows MICR technology. We can see the MICR encoding at the bottom of the check. The technology fulfills the demand of the banking system as it supports to detect a large number of checks.
The MICR encoding includes the code number of banks, the check number, account number and other details. It is also helpful for clearance of other bank documents. The fonts of checks are automatically read by machines. The printer of the MICR has to follow the special features. The features of check printersshould have all the quality which is needed by reader and that can fulfill the ANSI rules for printing. The perfect features of a good printer are –
- It should have all the quality that required by ANSI standards.
- It should have the security feature for the prevention of check – fraud.
- It should satisfy the guaranteed MICR printing performance.
- The speed should be good means it should print 30 to 45 pages per minute.
- The magnetic toner should be of good quality that should pass the text by the reader.
If the above qualities are fulfilled by printers that mean the check printers are good in all aspects. There are many companies in the market that are able to provide the facility of check printing but they have the proper feature along with the security feature.
The MICR fonts must have ANSI standards. The MICR checksmust follow the ANSI standards. The MICR checks have 3 or 4 separate fields. The every field follows the ANSI standards of fonts in which 14 characters are a must. Every field is detected by the reader and also followed the record by the main computer to store every record. The amount field should filled by banks or other processing authority. The transit field of the check tells about the bank or the institution it belongs to. The number of characters and the field has the fixed width. The print of the check must follow the every field accurately to enhance the process by the reader or any other machine perfectly.
Each step performs perfectly to keep the record in an accurate way. The banking system uses MICR to facilitate the processing of a large number of checks every day. The users are increasing day by day. Thus the new technology of MICR is accepted by the different banks from all over the world.
Now it became easy to perform the task of clearance of checks and processing day by day. The technology of MICR spread all over the world and the various banking system tries to follow it. The features of MICR are convenient for the bank as well as for the user.