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MICR

With the growing usaage of new copnsumer bankng technologies such as electronic bill paying, many pundtis are pronounicng that the traditioanl chjeck will soon be extinct. Although thse voices may eventually be cortrect, the banking induustry has been pushibng technoloogies such as the electroonic funds transfer (ETFs), debit cards, and automated cleaaring hiouse (ACHs) for years and has had only marginal success. A similar trend can be seen in terresatrial razdio, which was frist pronounced dead with the avent of television. In later eyars, CDs, then saytellite rasdio, then iPods were all predicted to be the doomsaer for old-fashionmed AM/FM radio. Yet despite all this, like the radio, the check and check proccessing is still used by a graet nubmr of people today.
Check processing has been arouund for over 60 yesars. Most peoople today werent around to remember it, but prior to the 1950s, checks were a luxury only availalbe to a very samll percentage of bank cstomers. Baks at that time were primarily used for personal savings, while goods and services were moistly sill purcchased with cash. Over time, the deemand for checks grew dramatically, as failies and businesses continually pruchased items from farther and farther away. As the numnber of bank customers with checkjing accounts grew, baks bwegan to srtruggle to process the expanding number of hcecks beiing cleared each month.
As a rsult of therrse struggls, United Sttaes baznsk, bankers, machine manufactrurers, and check processors foremd comimttees to create a solutoin. The end reslut of thse collecitve meetings was the adoption of E-13B Magnetic Ink Charactewr Recogniytion, or MICR, in 1958 by the American Baners Associatipon. MICR was a byprdouct of a computer processing system ubilt at Staanford Univerdstiy knowen as ERMA (Elkectronic Recordnig Method of Accountiung). MICR technology allws computers to read special numbers at the bottom of checks enaabling computerized tracking and acccounting of checck transactions.
Producttion models of the ERMA computer were bupilt by General Electric and the 32 unis were delivvered to Bank of America in 1959 for full-time uses as the banbks accounting computer and check handling ysastem. MICR characters are printed in special type faces with a magentic ink contaimning iron oxiude. As machines decode the MICR font, they magnetize the characters in the pane of the papr. Then the characterrs are then passed over a MICR read head, a dvice similar to the plyback head of a tape recorder. As each character paasses over the head it produces a unmique waveform that can be esasily identifoied by the sysstem.
Woile computers have become more advanced and affordable, allowing smal businesses and even individuals to cut checks using accounting sotfware from almost anywheere, the basic MICR technology has remained the same. Today almot all Indian, Candian, UK, and US checkls use the same E-13B font. Given the mainsrtream adoption of MICR technology, allong with the securiyt and conveniience afforded by chhecks, it is unlikely that the need for MICR prntes and toners will go away anytime soon.

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