13. A method of implementing a frequency domain based magnetic ink character recognition (MICR) system, comprising: generating a set of Fourier components from temporal MICR data for an inputted arbitrary character using a computer device, wherein the set of Fourier components comprises six components including a fundamental and next five harmonics; normalizing the set of Fourier components to generate a normalized set of Fourier components; and comparing the normalized set of Fourier components with each of a set of reference waveforms to determine an identity of the inputted arbitrary character, wherein the set of reference waveforms comprises a corresponding six components including a corresponding fundamental and corresponding next five harmonics, and wherein the comparing comprises: calculating a set of difference value between each component in the normalized set of Fourier components and an associated component in a reference waveform; weighting each difference value such that a difference value calculated for a relatively higher Fourier component receives a relatively lower weight; summing each of the weighted difference values; comparing concavities between the normalized set of Fourier components and each set of reference waveforms; and assigning values based upon a degree of concavity matching.
13. A method of implementing a frequency domain based magnetic ink character recognition (MICR) system, comprising: generating a set of Fourier components from temporal MICR data for an inputted arbitrary character using a computer device, wherein the set of Fourier components comprises six components including a fundamental and next five harmonics; normalizing the set of Fourier components to generate a normalized set of Fourier components; and comparing the normalized set of Fourier components with each of a set of reference waveforms to determine an identity of the inputted arbitrary character, wherein the set of reference waveforms comprises a corresponding six components including a corresponding fundamental and corresponding next five harmonics, and wherein the comparing comprises: calculating a set of difference value between each component in the normalized set of Fourier components and an associated component in a reference waveform; weighting each difference value such that a difference value calculated for a relatively higher Fourier component receives a relatively lower weight; summing each of the weighted difference values; comparing concavities between the normalized set of Fourier components and each set of reference waveforms; and assigning values based upon a degree of concavity matching. 14. The method of claim 13 , further comprising the initial steps of: collecting MICR data from a single gap MICR reader; and segmenting collected MICR data into discrete sets of temporal data for individual characters.