MICR code is basically a code given to banks branches. It helps in identifying in which branch the person holds the account. MICR code is a technology which helps the bank in clearance of cheques. It is normally at the bottom of the cheques besides the cheque number.
Unlike codes of other product, the MICR code of bank can be read by humans but with some difficulty. There are specific scanning machines which can read the MICR codes with great precision. The basic purpose of this machines is to enable zone identification, image cleanup, advanced binarization DevScope OCR SDK 2.0 is one such scanner. It can read the MICR codes very fast and so are a handy tool for banks. Sometimes there are no cheques do not have MICR codes but only the OCR A/B numbers and codes.
OCR A/B fonts are monospace fonts which facilitate optical character recognition by specific electronic devices. They are purposefully designed to enable recognizing data from bank related documents. There are some scanners which have advanced features. They can configure a zone of the image to search for MICR content, parse MICR lines into field, parse MICR text into fields etc.
As the government is heading towards make India digital, the use of this technology is very crucial as this is related to banking. Enabling people to do safe banking transactions is very important. Data thefts is a sensitive matter and this is the reason why this technology is in place. Government offices are targeted the most for deft theft. So it is very important to use robust banking technology which can assure people who their money is safe.
The first step towards avoiding human errors or data thefts is ‘Automation’. It happens because of manual processing of data. So it is very risky to handle personal information of people without following any proper process. That’s why putting robust electronic processes is the only solution to this problem. The advantages of using scanning methods are many and they are as follows:
- It rapidly scans a lot of papers and converts them into digital files which can be readily accessible. Just like how scanning is done at supermarkets and malls of products.
- Through scanning, the details of the documents can be easily accessed by just putting specific details like name, account number etc.
- To avoid the data to get leaked, the original documents can be converted into another copy of document which can be watermarked. This duplicate can be used as and when required without fear of any data theft.
Through scanning, lot of precious time of bank is saved and it gives them ample time to strategize on how more better services can be delivered to customers. It does not necessarily mean that because of automation the human intervention is unnecessary. It is still needed to make the banking experience better. So it is always necessary that different eyes goes through the documents again during manual reviews to avoid any errors even after automation.