What are applications of MICR?

MICR, or Magnetic Ink Character Recognition, is primarily used in the banking industry for processing checks and ensuring accurate reading of account numbers and other information. It enhances the speed and accuracy of check processing, reducing the likelihood of errors. Additionally, MICR technology is utilized in various financial documents, such as invoices and payment orders, to facilitate automated data entry and improve security against fraud. Other applications include inventory management and automated data capture in various sectors.