Erik Harris, MICR expert at Troy Security Solutions, has been explaining in a short video exactly what MICR (Magnetic Ink Character Recognition) is and what it is used for.
As Troy explains, “MICR is basically the routing and account numbers printed on a check, along with the ink or toner that is used to print that line. This special character font, combined with the magnetic properties of the ink or toner, makes check processing at the bank much faster.”
Harris goes on to elaborate, “MICR is required by the Federal Reserve” and if it is not used, “and someone were to fraud a check” both the customer and the bank would share responsibility for the loss.
He continues, “There are four key components” required in check printing: MICR Printers, MICR Inks and Toner, Software, and Blank Check Stock.
Within these components, there are a number of things you need to watch out for, such as that your MICR printer has MICR fonts and locking trays; that the ink and toner you use is secure; and that your software has an audit trail.
