Payment Glossary

MICR (Magnetic Ink Character Recognition)

Magnetic Ink Character Recognition refers to the recognition of the numbers that are typically found at the bottom of checks. Once recognized, the numbers can automatically be processed by a payment processor.

Related Terms

  • COR (Notification of Change)

    A COR entry is initiated by a receiving depository financial institution (RDFI) to inform an originator of incorrect information submitted in an entry. The originator must correct...

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  • Tokenization

    Tokenization replaces sensitive financial account information with a random string of characters, called a token. Learn More

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