The Most Expensive Audits An Audit Analytics report confirms that financial institutions incur the most expensive audit fees compared to other industries. Because of the complex transactions, products, and accounting rules in the finance industry, an audit is likely to take a lot more time than other industries, which increases the audit fees and associated […]
Who Still Issues Check Payments? Companies. The most common primary payment method between companies is by check. According to the 2016 AFP Electronic Payments Survey, 94% of organizations report that they still use checks to pay their major suppliers, and 93% of companies receive checks from major business partners. Checks can be easier and less expensive than a conversion […]
Not All Check Printers Offer the Same Benefits Laser check printers are used in many brank branches today for check printing. However, there are several factors these printers do not offer when compared to secure MICR printers. Security at the Check Printer Level Laser check printers provide no security, while secure check printers with guaranteed MICR […]
How much money will a MICR printer solution save my branch? The Typical Financial Institution & MICR Printer Savings Let’s take a hypothetical look at what the savings/return on investment would be for a financial institution with 25 branches, where the average branch prints 100 official checks per month. For this example, we will assume […]
Banks are starting to focus more on the customer in ways that answer the call for more personalized and more efficient banking capabilities. Investing in self-service banking is part of branch transformation and automates transactions at on a whole new level. Instead of having to wait in line to speak with a teller about everyday transactions, consumers […]
The term “MICR” is an acronym. It stands for Magnetic Ink Character Recognition and refers to the special numbers at the bottom of checks that include the account number, a bank’s routing number, check number, etc. Both MICR ink and MICR toner is used to print the special numbers, also known as the MICR line, on checks.
Magnetic Ink Character Recognition, also known as MICR, is required by the Federal Reserve to be on all checks. It is the type of toner used to print the font at the bottom of checks and other documents.