There are Many Challenges in Financial Translations
Last Updated On: September 19, 2018 by The Migration Translators
All successful translation work depends on the outcome of the translation being accurate, but a financial translation requires far more attention to detail. This is because a simple mistake could lead to a serious problem. A financial translator must have a clear understanding of the targeted so as to make sure the right terminology is used in the financial translation.
If you are looking for a financial translation, you will need the experience and expertise of a financial translator. You can’t usually expect a good financial translation from a general translator.
Financial Terminology is Important in a Financial Translation
Precision and accuracy are extremely important in all financial translations. The translator must use the correct terminology depending on the targeted audience and target language as not all financial terms are universal. For example, in the U.S. ‘common stock’ is used while in Britain ‘called-up share capital’ is used. The ‘share of stock’ in France is called ‘action’ but ‘capital’ in Russia is called ‘share capital.’
Financial terms are full of unique and complex nuances which are quite a challenge for translators who haven’t yet build up experience in the financial translation industry. In the U.S. ‘accounts receivable’ is commonly heard, but it’s called ‘trade debtor’ in the UK, while in New Zealand, this is called ‘debtor.’ Additionally, in New Zealand, ‘stocks’ is a financial term, but the term ‘inventories’ is used in the U.S.
It’s not acceptable to directly translate terminology as this could confuse the meanings of different terms. The translator has to know what terms are applicable. For example, smart contracts and mining are commonly used terms in dealings with cryptocurrency. It is crucial for the translator to know which has to be used. A financial translator must be able to translate quickly fast and meet all deadlines set.
Confidentiality in Financial Translation
Financial documents have to be totally secure as they could reveal important confidential information about a company. They must be kept private and only passed onto to a translator who can be trusted.
Most professional translation services typically require both their translators and interpreters to sign a non-disclosure contract. Because translation companies often make use of translation memory tools, they have to ensure that no external sources can access them. This is crucial to clients who want financial translations.
Clients need to be sure that translators who have been assigned to conduct a financial translation are always professional, trustworthy and responsible because the information being translating is usually valuable.