Financial translation is an expansive area of language services that companies around the world rely upon. If you operate on an international scale, financial translation keeps the most important aspects of your business running, removing language barriers from the flow of money.
As the financial world becomes increasingly digital, the scope of financial translation increases with it – so here’s an overview of the services you might need.
What is financial translation?
Financial translation describes the conversion of financial documents, statements, reports and other content from one language into another. This is a specialist field of translation that should be carried out by language experts with extensive experience in the financial industry, as well as expertise in the languages they cover.
Companies that require financial translation cannot afford mistakes in key documents, such as contract deals that could be worth millions or more. Translation errors could mean companies are held liable for terms they never intended to agree to, the voiding of important contracts or delays that can financially harm all parties.
Given the legal implications of issues with financial documents at the international level, there is a strong overlap between financial translation and legal translation so you might want to work with an agency that can effectively provide both.
Who needs financial translation services?
Any company operating across language borders requires financial translation services. This could mean selling to foreign-speaking markets, operating in overseas territories or simply partnering with international companies to source parts, services, intelligence or anything else.
Here are some of the most common types of companies that rely heavily on financial translation:
- Global and international banks
- Venture capital and investment
- Fintech companies
- Insurance companies
- Payment providers
- Corporate finance
- International financial advisors
- International mergers and acquisitions
- Manufacturing companies
- Non-government organisations (NGOs)
- International agencies (marketing, recruitment, language, etc.)
- Digital ventures – e.g. social networks
- Tech startups
As you might expect, many of the companies that require financial translation the most are, themselves, financial companies. Of course, global banks, payment providers and other companies in the industry rely on the seamless delivery of financial documentation, which requires flawless translation on the international stage.
However, it is important to note that any company operating across language markets requires financial translation to varying degrees. Manufacturing companies need it to agree deals with suppliers while tech startups need it to secure foreign investment, among other things.
What does financial document translation cover?
Financial document translation is one of the most important functions of financial translation and probably the most obvious one.
This often includes, but is not limited to, the following:
- Annual and quarterly reports
- Financial reports
- Audit reports
- Balance sheets
- Financial contracts
- Disclosure agreements
- Financial statements
- Invoices
- Income statements
- Investor reports
- Payslips
- Employment contracts
- Bank statements
- Key investor information
- Transaction reports
- Pitches and proposals
- Pitch and proposal requests
- Shareholder briefs
- Tax reports
- Press releases
The list could go on (and on) but the point here is to demonstrate how extensive financial document translation is to companies that require it. Not only in terms of scale, but also in terms of magnitude.
These are some of the most important documents for a company to operate at a profit legally. Without a robust translation process, no company is going to operate at the international level for long without running into trouble.
Financial translation services in the digital age
As important as document translation is, this is not the only aspect of financial translation that international companies need to think about, especially in the digital age.
This is particularly true in the digital finance sector where a boom in fintech has been observed in the past years as well as in international payment services, trading platforms, cryptocurrency and an ever-expanding range of ventures.
Today’s financial companies require a comprehensive translation strategy across the entire brand and its products/services. If you think of a payment provider along the lines of PayPal, Square or Wise, a list of some of the resources that require translation can be drawn upon, aside from the documents we listed in the previous section:
- Website
- Mobile apps
- App listings
- Hardware and software
- Documentation
- Customer on-boarding
- Marketing content
- Social media accounts
- Customer support channels
- Contact information
- Online documentation
- Advertising campaigns
- Customer emails
Again, the list is not limited to the above and we have not even touched yet on financial documentation that requires translation. For international finance companies operating across multiple markets, every touchpoint they have with customers and potential customers is either a financial document, action or a pathway to them – that’s every web page, every app interface, every social media post and so on.
Global and international financial brands need to be multilingual and fluent in every target market and across every platform and touchpoint.
Which financial translation services do you need?
If you are unsure about which financial translation service your company may need, you can speak to our team for further advice by submitting your requests via our contact’s page form.