Accelerate transactions by autocorrecting MICR data fields
Manually keying in MICR data is costly and time consuming. With some inclearing files having exception rates as high as 1% to 1.2%, financial institutions and lockbox providers face an operational challenge that must be addressed:
Lack of transaction
Incorrect data slows check processing time
Low morale among administrative staff
Too much manual keying can lower employee engagement.
Wasted time & labor
Manual processes take resources away from more strategic tasks
The autoMICR Solution
How It Works
No changes are needed to your existing workflow and technology infrastructure. autoMICR leverages a sort-pattern-based targeting process to:
Evaluate MICR data on inbound X9 or other files for accuracy and completeness, targeting (1) missing account, serial or check numbers and (2) Digit errors in the account, serial or check number fields
Reread and evaluate the MICR line with an advanced AI-based OCR engine to optically and instantly correct errors and fill in missing fields with the appropriate data
Discover how the autoMICR application can increase the efficiency of your check processing operations?