MICR is the term used in the context of cheques. Full form of MICR is Magnetic Ink Character Recognition; the biggest advantage of cheques having Magnetic Ink Character Recognition is that they are more secure than traditional cheques which are prone to frauds and hence it provides a secure way of transferring money from one account to another. Another advantage is the speed because with the advent of technology in banking now CTS checks are being issued to customers by the banks which use MICR along with IFSC code for transfer of money from one account to another electronically.