Magnetic Ink Recognition Devices Development Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020
"Magnetic Ink Recognition Devices Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020" The Report covers current Industries Trends, Worldwide Analysis, Global Forecast, Review, Share, Size, Growth, Effect. Description- Magnetic ink character recognition (MICR) technology is has been into existence since 1950. It is predominantly used by the banks and other financial institutes for streamlining their clearance processes for cheques, bank drafts and deposit slips. The MICR technology was developed by General Electric Laboratory and Stanford Research Institute. It basically uses a magnetic ink or toner to print machine readable characters. Banks use this technology to print information such as cheque amount, account number, bank code and cheque number. Moreover, unlike technologies such as barcodes, MICR printed characters can be easily read by humans with their naked eye. The MICR technology has advantages such as high security,