Optical Character Recognition (OCR):
OCR is the mechanical-electronic that converts the images into machine-encoded text. In other words, it is the use of technology to distinguish printed or handwritten text characters inside digital images of physical documents, such as a scanned paper document.
Magnetic Ink Character Reader (MICR):
It is a character-recognition technology that is used by the banking industry to streamline the processing and clearance of cheques and other documents. In other words, it is a technology used to verify the originality of paper documents.
Difference between Optical Character Recognition (OCR) and Magnetic Ink Character Reader (MICR):
|OCR||MICR||OCR is a scanner that scans the pages comprised of texts.||MICR is a character scanning technology but it utilizes a magnetic ink and special characters.|
|It can scan any type of printed text||It can scan the special information present in cheques.|
|It supports variety of shapes of fonts||It supports only Pre-defined fonts like E-138 and CMC-7.|
|All type of ink are used in OCR||In MICR, only special type – magnetic ink created using iron oxide are used.|
|In OCR, Scanned data is used for editing or printing.||In MICR, Scanned data is used for processing the cheques.|
|For example, If one wants to convert a multipage document into a digital image, he can load the document into an OCR program, which converts the document to an editable text file after recognizing the original text. .||For Example, If one has an account in sector 62, Noida branch of Punjab National Bank (PNB). What would be its MICR code? City code for Noida: 110 ; Bank code for PNB: 032 ; Branch code for Sector 62: 013.
Thus, the MICR code is: 110032013
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