Question: MICR stands for

Answer:

MICR stands for Magnetic Ink Character Recognition. It is a technology used in the banking industry to process and verify checks. MICR technology uses magnetic ink to print characters on the bottom of checks, including the account number, routing number, and check number.

When a check is deposited, it is scanned by a machine that uses MICR technology to read the magnetic characters and extract the necessary information. This information is then used to process the check, verify the account information, and transfer funds between accounts. MICR technology has improved the speed and accuracy of check processing, making it a critical component of modern banking operations.