back office

Definitions

Banking

  • noun the part of a broking firm where the paperwork involved in buying and selling shares is processed
  • noun the part of a bank where cheques are processed, statements of account drawn up and other administrative tasks are done
  • noun the general administration department of a company

Computing

  • noun a secure area of e-commerce software containing details of a company‚Äôs store properties and products and tax tables

Economics

  • Refers to the activities of a firm that are necessary to its functioning but are not directly part of production, such as accounting. Such activities, despite the name that suggests a location behind the shop or shop floor, are increasingly done at remote locations, including in other countries, as business process outsourcing.

Forex

  • The unit of a forex dealer or financial institution responsible for administrative functions such as settlements, clearances, records, regulatory compliance, and accounting. Most back office operations are now computerized.
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