MICR and OCR
MICR and OCR, magnetic ink character recognition and optical character recognition respectively, are two different technologies used for cheque codeline reading which ensure a correct payment flow thanks to decoding accuracy. All cheques feature a codeline printed near the lower edge, which is readable both by humans and by machines at very high speed. While MICR is based on the recognition of the waveforms generated by the magnetic ink, OCR relies on the interpretation of images of printed or typed text based on the characters’ shape. MICR is an algorithm that recognises a set of electrical pulses produced by each character, whereas OCR is rather based on samples, and it needs to be trained.
A combined approach to significantly reduce mistakes.
Codeline reading speed up to 160 documents per minute.
Panini’s MICRPlus best-in-class cheque codeline reading system.