23 Jul Certified Financial Translation Services
It is often said that even a little absent-minded addition of a comma or a zero can make a carefully solved math problem go to waste. You may also have heard so in your high school days and just disregarded it as just a meager “teacher’s quote.” Who would have thought this “meager teacher’s quote” would apply later to our lives when discussing about financial translations when needed?
Especially in the lives of those who chose to be a Financial Translator. Yeah, it is true. Even a slight absent-minded addition or removal of a figure can give birth to significant errors. In this article, we will clearly illustrate everything you never knew about Financial Translator Services and everything else that you need to acknowledge.
We will give you a basic introduction, explain the errors and main challenges faced by the Financial Translator Services. Moreover, we will discuss the importance of the above-mention services, and every other information that you would need to know. So, I would prefer for you to read the complete article till the end to help yourself make your different place in the profession of Financial Translation.
The financial industry is inherent. People make money, they invest it and they make more of it. Financial institutions need to pave a road for themselves in the Global Market. They communicate with different audiences throughout the world in their native languages. Here comes the part of the Financial Translation services. These services provide highly experienced and well-chosen linguists to make it easy to reach out the audiences who have different languages that need to be translated.
What is a Financial Translator Service?
Financial Translation Service is the name of the providence of Translators who have good knowledge of different languages as well as comprehensive expertise in the financial sector. The translators convert financial content such as any financial statement or audit or documents, and even financial reports from one language to another.
There are four types of translations i.e., literary, commercial, sworn, and specialized. Just like literary translations, they have a different vocabulary, concepts, and specific knowledge. In short, it is a specialized system in the field of finance and economics.
Why Does It Hold So Much Significance?
Its demand is increasing due to globalization as now, it is not limited to only large multinationals. Nowadays, it is common for China to sell its products to other countries of the world such as Pakistan, Russia, and Saudi Arabia. All of these countries have a distinct language of their own. To sell the products to the target audience, China should be able to understand the target language. Like every other country, China does so by hiring a Financial Translation Agency that provides quality translation.
Organizations and acquisitions are also stimulating the increased demand for financial translations. For example, if a French start-up is thinking about buying a competitor in the United States of America, it maintains to have all of the financial information translated into French to make the right decision. Both of these examples represent just a tiny portion of the significance of financial translation services.
Institutional communications or financial disclosures, audit reports, contracts, insurances, or prospectuses for investors are some of the many documents which require specialized translation done by reliable translation companies.
What Does It Demand?
A trustworthy financial translation service necessitates the following:
- A crew of financial experts: A functional team of translators, writers, and proofreaders who are experts in the financial sector, ensures the quality and accuracy of the service.
- A compendium of financial terms for accuracy: Finance is a language itself. Consequently, a compilation of glossaries of all the financial terms should be made. This helps to guarantee the precision and consistency of translations.
- How to become a Financial Translator?
- Train yourself in translations especially in Financial Translations
- Master your area of expertise
- Identify your purposes and priorities
- Be motile
- Join Financial Translation Agencies and Associations
- Different Financial Rules of Different Countries: Every country has its own set of financial rules that apply to its financial industry. A translator must be familiar with these rules to avoid facing any challenge during the Financial Translation Process.
- Existence of Financial Terms having more than Two Meanings: In the same language, a term can mean one thing in one country and another thing in another. This creates a big challenge for the Translator.
- Inconsistency in Terminology: Translation provides some freedom for using a word or a synonym in the target language, there must be consistency in the terminology used.
- Continuously Evolving Regulations: There is a continuous evolution in regulations. To tackle such a problem, the translator must stay up to date with the regulations to produce an accurate translation.
- High Confidentiality: Almost all Financial documents are kept highly confidential. This does not cause any problems in translation but in hiring a translator who applies the rules on confidentiality and who acts per the company’s professional ethics.
- Deadlines: When a company is put up for sale, data is usually collected to create a data room. If the seller is in a hurry, a foreign buyer may need a large amount of information to be translated within the shortest time possible.
Attributes of an Exceptional Financial Translation Service
- It is done mostly by a specialist in finance, who clearly understands the content and concepts that they are translating. The financial sector is so huge that often a translator will need to specialize in a particular sector or a type of document that needs to be translated.
- To ensure that the translation is logical, any translator can examine the translation to fulfill the standards of accurate translations. It is really helpful to introduce a proofreading phase in the translation process to ensure good translation quality.
- Different linguistic experts who possess decades of experience, look out for translation errors and study the translation style. These expert linguists showcase their extensive experience by sharing their extensive knowledge of financial translation.
- To ensure consistency between different documents, a good financial translator always uses the same terms for the same concepts. The use of a translation platform makes it easier to stay consistent, helping the translator work more efficiently and improving translation quality.
- Finally, after all this quality assurance process in the shortest time possible, the expert translators send the translated content to the respective finance industry.
Common Errors Financial Translation Services Face
- In English-speaking countries, decimals usually part by a full stop and thousands by commas. In many other countries, the case is the opposite. Transcribing a number without recognizing this difference could lead to very significant errors.
- In 2005, the incorrect translation of a Chinese article on the national currency (the Yuan) caused momentary panic on the financial markets and a fall in the dollar. All of this happened just because of too much simplification and misinterpretation of subtle nuance.
- When financial translating, every single cultural nuance should be taken into account too. For example, in Europe, a balance sheet starts with the long-term assets and responsibilities, and finishes with the short-term ones, while in the United States the concepts are in the opposite direction. Even if you translate the terms correctly, asserting them without changing the order will produce a strange result for the reader.
We hope that know you are well aware of everything related to Financial Translation Services and would not waste a moment to get yourself hired by a Reliable Translation Agency to make yourself stand out in the Financial Market.