Why Your Financial Institution Needs Professional Translation Services

A recent report by BIS shows increasing activity for international banking worldwide.  For example, during the third quarter of 2021, banks’ cross-border claims increased by $228 billion–resulting in a year-over-year increase of 3%.  Additionally, non-US banks with affiliates in the United States continue to expand.  With results like these, it’s clear that the global financial industry is growing rapidly, requiring translations of financial documents and reports that adhere to regulatory requirements of multiple countries.

Some of the most common financial documents that require translation include:

• Balance sheets
• Prospectuses
• SEC-required reports
• Annual reports
• Income statements
• Cash-flow statements
• Insurance-related documents
• Auditor’s reports
• Business plans
• Tax Reports
• Private and public offerings

There are many reasons the translation of financial documents should be trusted only to qualified, professional translation services.  First, regulatory bodies have specific rules and terminology that must be followed, so your translation partner must be experienced in managing these types of documents as well as being fluent in the source and target languages.  Next, even minor translation errors can lead to devastating results, from significant fines and fees to poorly executed transactions.  Inaccurately translated documents can erode investor trust and destroy your organization’s credibility.

Here are a few questions you can ask when you evaluate possible partners for providing financial translation services:

1. What is your background and experience in finance specific to the documents requiring translation?  A qualified financial translator should have extensive academic and real-world experience aligned with the type of financial matter you’re managing.
2. How quickly can you complete the work?  You shouldn’t expect overnight delivery of completed projects as those expectations almost always result in errors and inaccuracies.  However, it’s essential to know when the translator can begin working on your project and their reasonable timeline for completing your project.
3. How do you stay up to date with regulatory requirements?  Regulations change rapidly, and you need to be assured that your professional translator will apply the most current rules for your final documents.

If your bank needs professional translation, start with a call to The Perfect Translation.

The Perfect Translation understands what’s required to achieve accurate translations for international business.  Our team of linguistic experts is proficient in the target language and experienced in the type of work you’re doing.  Using our service, your translator will know the language and be experienced with the specifics of financial documents for the U.S. and foreign countries.  You won’t find that level of expertise in automated translation software programs.  Contact us today to discuss your project and receive a free quote.