What device is used to read cheques?

What device is used to read cheques?

MICR readers
MICR readers are the primary tool for cheque sorting and are utilised across the cheque distribution network at multiple stages. For example, a merchant will use a MICR reader to sort cheques by bank and send the sorted cheques to a clearing house for redistribution to those banks.

Which technology is used to quickly identify cheques?

Magnetic ink character recognition (MICR) is a technology used primarily to identify and process checks. The MICR on a check is the string of characters that appears at the bottom left of the check. It consists of three groups of numbers, including the bank routing number, the account number, and the check number.

What are the automatic input devices?

An automatic input device is a piece of hardware that allows data to be transferred from the outside world into the computer. This will occur automatically with minimal or no human interaction. A sensor is a hardware device that will take measurement of physical properties like temperature, pressure or acidity.

What is the full form of OCR?

OCR stands for “Optical Character Recognition.” It is a technology that recognizes text within a digital image. It is commonly used to recognize text in scanned documents and images.

What are the sources of e banking?

Let us have a look at some of the most popular options:

  1. Internet Banking. Internet Banking is a type of e-banking service which allows you to do several financial and non-financial transactions through the internet.
  2. Mobile Banking. Most banks now also have an app for Mobile Banking.
  3. ATM.
  4. Debit Card.

What is full form of MICR code?

MICR code is a code printed on cheques using MICR (Magnetic Ink Character Recognition technology). This enables identification of the cheques and which in turns means faster processing.

What are 3 types of input devices?

Input devices are broken down into 3 categories: keyboards, pointing devices, and Data-Entry devices.

Which is the most common input device?

The most common input devices are the keyboard, mouse, and touch screen.

What is the full form of www?

World Wide Web
World Wide Web/Full name
WWW is an abbreviation for World Wide Web and it is commonly called the WEB. It is a system that is used to store documents and is accessed using URL(Uniform Resource Locator) which are accessible through Internet.

What are the essential elements of e-banking?

Answer: Elements of e-banking are as following:

  • Banking Software. Software which provide different transaction facilities.
  • Communication Network. A network is required for communication between client and employees and manager for which radio communication and telephone are used.
  • Delivery channels.
  • Switching System.