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MICR
Magnetic Ink Character Recognition

In today's high tech world, nearly everyone takes electronic banking for granted and seldom gives a second thought to automated teller machines, electronic funds transfers, on-line statements, or even utilizing the computer to pay their bills electronically. However, few, if any, realize that these capabilities can be traced back to events that occurred over half a century ago and to the invention and proliferation of Magnetic Ink Character Recognition (MICR). MICR was devised to allow computers to electronically read and recognize consumer and business account information for the purpose of automating check processing and to automate the debit and credit of bank accounts electronically (http://www.rosistem.ro/www/technologies/micr/). Although most people were unaware they were using it, MICR could well be considered the first electronic banking innovation used by consumers.
It is said that necessity is the "mother of invention" and......

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Approximate Word Count: 1501
Approximate Pages: 7 (250 words per double-spaced page)

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