Divisions of a financial institution that perform work out of sight of customers; this includes all written confirmation and settlement of business dealings, record keeping, accounting and regulatory compliance, including the processing of payment transactions and securities business. Since about 2000, there has been an increasing tendency worldwide to outsource these activities, which take place “behind the counter” (back office) and are remote from customers, to – outsource them to legally independent entities, – integrate them into a network (with other similar institutions) or even – relocate them to faraway countries (primarily in Asia) in the course of financial globalization. There are many studies on the advantages and disadvantages of such outsourcing. – The individual specialist departments of a bank, which pass on to the counter staff or to the bank’s asset managers information requested by them or provide them with corresponding messages. – See outsourcing, call center, commitment, globalization, financial, size effects, credit factory, middle office, one-bank delivery, outsourcing risks, seat heating, transaction banks, asset management, banking.
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