AMICR
BOMR
COCR
DDDR
Answer:
A. MICR
Read Explanation:
MICR (Magnetic Ink Character Recognition) is a technology used to process bank checks.
MICR (Magnetic Ink Character Recognition)
MICR (Magnetic Ink Character Recognition) is a technology used primarily by the banking industry to streamline the processing and clearance of checks and other financial documents.
It enables the information printed with special magnetic ink to be read quickly and accurately.
How it works
Magnetic Ink: Unique characters (numbers and symbols) are printed on the bottom of bank checks using a special ink containing iron oxide particles, making them magnetized. These characters typically include the check number, bank routing number, and account number.
Magnetic Reader: When a check passes through a MICR reader, the magnetic ink characters are magnetized and then read by a special head that detects magnetic signals.
Character Recognition: The unique magnetic patterns of each character allow the reader to accurately identify the digits, even if they are obscured by other marks or stamps, reducing errors and fraud.
Benefits
Speed and Efficiency: MICR technology significantly speeds up the processing of millions of checks every day because it can read information much faster than manual entry or optical scanning.
Accuracy: The magnetic properties of the ink make the letters highly resistant to smudges, wrinkles, or other damage that could affect optical readability, ensuring high accuracy.
Security: The use of special magnetic ink makes it difficult to fraudulently alter checks, increasing security in banking transactions.
Automation: It facilitates automated sorting and processing of checks, reducing the need for manual intervention.