A Financial Translation service in a fast paced world
The ever-growing rate of globalisation continues to put businesses under great pressure to communicate financial information in several languages. Whether it’s annual and shareholders reports or business contracts, all files require a financial translation service of the utmost accuracy. The effects of errors can be dire, strict economic rules that vary from country to country may be violated leading to costly legal issues or disputes with clients, investors and/or suppliers may arise.
Isn’t it just numbers?!
Though the finance business often relates to numerical information, most financial products still need to be worded to the local finance standards. The explanation texts for financial products need to be available and understandable to the target demographic. They often lack the language and cultural sensibility to communicate to this local demographic effectively, although many foreign banks would want to engage with these domestic markets. This is where a professional financial translation service comes into play.
The world of banking and finance is a truly global one. That means by proxy it is also a highly competitive market. Every bank and financial institution compete to reach out to clients in what they believe to be the most effective way. Highly professional financial translations will only serve to increase the reputation and credibility of a company’s image. An accurate financial translation service is clearly also crucial to communicate important details to the clients. Financial institutions such as investment banks, international banks, high street banks, asset management companies and insurance companies regularly invest in the services of financial translation services.
Finance is a deeply complex industry that requires years of commitment in building the skills and qualifications needed and therefore it is logically is no surprise that financial translation is a very specialized field. Not only having a firm grasp of the specific economic terminology in need of careful linguistic management, translators must also know their way around cash flow statements, balance sheets and audited account reviews amongst other documents. Language service providers offering these solutions must have highly efficient task management techniques in order to keep up with all the fast-paced world of finance, completing assignments promptly to clients with tight deadlines. Confidentiality is clearly crucial. Some documents can’t be printed until approved by the Financial Services Authority, meaning a leak of information beforehand could have lasting consequences. State of the art IT security resources and procedures play a part in guaranteeing maximum security and confidentiality agreements are routinely signed by translators and the translation agency.
Do your research!
We covered in a more general tone how to chose a translation agency here, but make sure when selecting your financial translation partner always check the actual financial translation experience of the specific translator who will be working on your projects. It’s perfectly acceptable to request a CV summarising their specific qualifications and experience to ensure that they gel with your financial projects. In addition the translation agency should be able to provide you with the technical details and processes used to guarantee the digital security of your documents. Encryption methods, file storage process and security software used.
Just a few examples of how getting translation wrong in a small way can be costly.
Make financial translations add up for your business!