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MICR in Financial Meaning

The MICR meaning in Financial terms is "Magnetic Ink Character Recognition". There are 1 related meanings of the MICR Financial abbreviation.

MICR on Financial Full Forms

  1. Magnetic Ink Character Recognition MICR (magnetic ink character recognition) is a technology used to verify the legitimacy or originality of paper documents, especially checks. Special ink, which is sensitive to magnetic fields, is used in the printing of certain characters on the original documents. Information can be encoded in the magnetic characters. The use of MICR can enhance security and minimize the losses caused by some types of crime. If a document has been forged - for example, a counterfeit check produced using a color photocopying machine, the magnetic-ink line will either not respond to magnetic fields, or will produce an incorrect code when scanned using a device designed to recover the information in the magnetic characters. Even a legitimate check can be rejected if the MICR reader indicates that the owner of the account has a history of writing bad checks.

Frequently Asked Questions (FAQ)

  1. What does MICR stand for Financial?

    MICR stands for Magnetic Ink Character Recognition in Financial terms.

  2. What is the shortened form of Magnetic Ink Character Recognition in Financial?

    The short form of "Magnetic Ink Character Recognition" is MICR for Financial.

Citation

MICR in Financial. Acronym24.com. (2021, March 18). Retrieved December 23, 2024 from https://acronym24.com/micr-meaning-in-financial/

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