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Business Process Management in Financial and Non-Financial Institutions: Payment Process Modelling in Financial Flows Management

Author

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  • Sardor Umurzakov

    (School of Management, University of Latvia, Riga, Latvia)

Abstract

Business process management is a progressively developing area of science, which is seen as the most modern and forward-looking innovative. Modern business operations remain highly dependent on IT solutions to steer the processes. Business process management solutions have been the clue for easing daily business operations. IT solutions have actively penetrated the working environment in all areas of business, especially the financial sector. It is beyond to imagine modern financial markets and institutions without IT software support. Not only billing, calculation and payment processes, even stock pricing, market analysis and risk monitor tools are fully computerized through business process modeling. This article studies the current role of business process management in the sample of internal payment and transaction in non-financial and financial firms.

Suggested Citation

  • Sardor Umurzakov, 2017. "Business Process Management in Financial and Non-Financial Institutions: Payment Process Modelling in Financial Flows Management," International Journal of Management Science and Business Administration, Inovatus Services Ltd., vol. 3(5), pages 50-54, July.
    • Handle: RePEc:mgs:ijmsba:v:3:y:2017:i:5:p:50-54
    DOI: 10.18775/ijmsba.1849-5664-5419.2014.35.1006
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    More about this item

    Keywords

    Business process management; Payment; Financial organizations.;
    All these keywords.

    JEL classification:

    • M00 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - General - - - General

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