The latest version of the Canadian Cheque MICR or the Merchant Account Receivable format is the MICR-hexide that is used in banking software. The MICR-hexide is also used in different types of credit card processing including the ATM cards and also in certain types of cheques. The use of the banking software depends on the type of account that is being processed here. The software that is used for electronic banking is known as cheque management software.

The other name of cheque management software is the cheque code software and this is usually used by banks that deal with cash-less accounts such as the ones in the ATMs. In the case of a debit cheque, the user is expected to enter a cheque number or a cheque passageway number on the ATM machine in order to gain access to the money inside the account. However, when dealing with credit card transactions, the account holder is expected to enter a cheque number, security code or a cheque passageway number on the credit card machine in order to gain access to the money inside the account. When the time comes that the cardholder needs to withdraw the money, he is expected to enter the appropriate number on the ATM or credit card machine.

When it comes to the cheque MICR format, the bank has to convert the amount of the transaction into the hexadecimal equivalent of the amount. Once this is done, the file is stored within the banking software. The next time that the user needs to look up the information, all he has to do is to import the file that he needs in the banking software. However, this is only applicable when he uses a certain type of banking software.