Payment Glossary

MICR (Magnetic Ink Character Recognition)

The information printed on a check in magnetic ink. The MICR information helps MICR scanners retrieve important information from the check including the routing number, account number and check number. Special magnetic ink toner cartridges are used by check printers as well as authorized users of check by phone systems.

Related Terms

  • Corporate Trade Exchange (CTX)

    A corporate trade exchange (CTX) is a system used by corporations and agencies of the government for monetary transfer. They are primarily used to pay trading partners...

    Learn More
  • Mobile Payments

    Mobile payments allow for anytime, anywhere payments using a mobile phone, tablet, and more. Learn More

    Learn More