magnetic character reading

magnetic character reading
/mægˌnetɪk 'kærɪktə ˌri:dɪŋ/, magnetic ink character recognition /mægˌnetɪk ɪŋk ˌkærɪktə ˌrekəg'nɪʃ(ə)n/ noun
a system that recognises characters by sensing magnetic ink (used on cheques).
Abbreviation MCR, MICR

Dictionary of banking and finance. 2015.

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