Who introduced the MICR system?
Answer (1)
16th Jan, 2023
During the mid-1950s, the General Electric Computer Laboratory brought the first-ever MICR system to process cheques with the E-13B font system. The American Bankers Association (ABA) introduced MICR as the norm for negotiable papers in 1958, including the E-13B font printed in magnetic ink. The initial checks were printed with magnetic ink toward the end of 1959.
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