An MICR can identify and decode characters printed with a special ink that contains particles of magnetic material. The reading process is called Magnetic Ink Character Recognition (MICR). The major advantage of these characters is that they are machine readable the process is fast and less error prone. Generally these types of character are used by banks on the cheques. This technology is used by the banking industry for faster processing of large volume of cheques. Magnetic ink characters are shown as follows.