Professional banking translation calls for a specialized approach that strikes the perfect balance between linguistic expertise, an understanding of international financial regulations, and command of the accounting standards in the destination country. Financial translation doesn’t just entail switching content between languages, it requires adapting structured data, like figures, dates and specific terminology, in line with defined technical criteria.
Number and accounting formats: a matter of structure
When translating financial reports, the figures need to be adapted to the local accounting and typographic system. This includes using commas or periods as decimal separators, different formatting for thousands, not to mention dates and currency units. For example, in Spanish you write “1.000,50€”, whereas in English you write “€1,000.50”. What’s more, each language has its own system to express written values, like “thousand million” in Spanish whereas this sounds strange in English that uses “billion” instead. The process also involves converting formats in accordance with national regulations, particularly for banking and tax documents.
Financial terminology and linguistic control
A financial translation doesn’t just stick to the linguistic side of things. It calls for the rigorous standardization of terminology and translation memories that ensure that key concepts are consistent: net worth, assets, liabilities, derivatives, interest rates, to name but a few. A professional translation agency uses computer-assisted translation tools and standardized financial glossaries to maintain consistency across all documents. These projects call for translators with expert knowledge in economics or finance, capable of accurately understanding documents like financial statements, consolidated balance sheets, and audit reports.
Technical processes and specialized profiles
The professional banking translation workflow may call on financial content-trained machine translation tools that are then thoroughly reviewed by a human expert. This integration streamlines the process, especially in large projects, without compromising accuracy. Legally binding documents, like contracts or certifications, require a sworn translator, who ensures that the regulations in the recipient country are complied with.
Idiomatic adaptation and professionalization by language
Language pair specialization is also key. A German translator must have in-depth knowledge of German banking laws, accounting formats, not to mention specialized terminology. An Italian-Spanish translator needs to be able to deal with the Italian accounting and the Spanish tax framework, correctly adapting terms such as “bilancio” (budget) or “rendiconto finanziario” (financial statement). Likewise, a Spanish-Catalan translator must be able to guarantee regulatory compliance and linguistic consistency in reports drawn up in Catalonia or Andorra where there are specific official language requirements.
Blarlo has specialized professional banking translation teams, with linguists that have proven track records in finance, international accounting standards, and multilingual technical documentation. We provide financial translation services across all major language pairs, including German, Italian-Spanish, and Spanish-Catalan, keeping on top of terminology, using professional tools, not to mention giving you the option of working with a sworn translator when required.
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