Jump to content

5 Financial Translation Tips for 2024

In this blog post, we delve into the intricacies of financial translation and provide you with 5 actionable tips to excel in this specialized field in 2024.

Financial translation is probably the most critical type of translation for your business.

Your financial translator has a major influence over your international business partnerships, tax and regulatory compliance, accounting, banking and much more.

This makes it especially difficult to find someone with the expertise and reliability to handle your most sensitive business documents.

What should you look for when hiring a financial translator?

First and foremost, your translator should be an expert in finance in your target region.

But what does that mean, exactly?

Financial industries and services are not static. You must use a translation agency who is up to date with current trends and regulations to avoid translation errors, lost revenue, or legal trouble.

Below, we’ll tell you exactly what to look for when hiring a financial translation expert in 2024.

Top Factors to Consider When Hiring a Financial Translator

For nearly 20 years, Wolfestone Group has specialized in managing financial translations for businesses around the globe. We’ve hired and worked with hundreds of certified financial translators. These are the qualities we find most important today.

1. Multi-regional Localization

Spanish is the official language of 21 nations. For French, that number is 28. Languages such as German, Russian and Chinese are official languages in multiple nations outside their places of origin.

This is a major benefit for your business, as one translator can potentially handle all of your financial translations for a variety of regions.

But be careful. Understanding a language is only a small part of financial translation. Your translator must also be aware of region-specific financial terminology, regulations, cultural differences and more.

For example, a finance translator who specializes in French translation may be qualified to translate documents for the EU market but not for Canada.

It isn’t reasonable to expect a single finance translator to specialize in every region and sector, but it’s critical to know their areas of expertise before hiring them.

If you need financial translation for a number of regions and sectors, it’s worth collaborating with a firm like Wolfestone Group.

With Wolfestone Group, you gain access to a global network of certified financial translators in over 220 language pairs. And, you only pay for the services you need, when you need them.

2. Data Security Certification

Outsourced finance translators can be a serious vulnerability in your data security infrastructure.

Where are they storing your business’s financial documents? What sort of digital security do they have? Are they sharing your documents with a team or are they outsourcing to another translator?

Taking their word is never enough, especially when data breaches can cost you hundreds of thousands of dollars.

Always insist that your financial translators have a security certification that ensures the safety of your (and your customers’) data.

One of the top certifications for security standards in 2024 is the ISO 27001:2013 Information Security Certification.

Wolfestone Group is one of the few agencies that has achieved this certification, and all of our translations are protected and managed within our system.

3. Experience with Fintech

Fintech, particularly cryptocurrency and blockchain transactions, is an emerging sector of the finance industry. It’s expected to become a major part of commerce and investment in the coming years.

Your financial translator should be familiar with fintech-related concepts and terms, such as smart contracts and decentralized finance (DeFi).

They should also have knowledge of fintech regulations in your target regions. As fintech and its regulations are rapidly evolving, you may want to provide some support to your finance translator if you hope to engage more with fintech in the future.

Or, if fintech is a growing part of your financial translation needs, simply hire a specialized fintech translator.

4. Knowledge of AI Translation for Finance

Completely automated translation for finance is not a good option at this time. AI is not able to deliver the linguistic nuance or regulatory accuracy you need to stay compliant and competitive abroad. Plus, today’s generative AI models can’t do math, which is an issue for finance and banking documents.

However, certified finance translators can leverage AI tools to work faster and more effectively, saving you money and time. During this type of AI financial translation, the human translator is the expert in the loop. The AI is simply filling in the blanks to boost efficiency.

AI will play a growing role in translation in 2024 and beyond, so any translator you hire should have some experience with AI or be willing to learn.

Just make sure that they are employing rigorous, human-led quality controls to ensure the accuracy of every AI-assisted translation.

5. Comprehensive Accuracy Controls

Accuracy is the only quality metric for translation, and it has major implications for your financial documents.

One error on a balance sheet or a bank document could result in an audit, large fines and lost business.

Before you hire a finance translator, find out exactly how they prevent errors.

Ask them to walk you through their editing and accuracy control process step-by-step. It should include multiple checks by human translators for both linguistic accuracy and compliance.

Wolfestone Group guarantees that every finance translation is checked by multiple certified human financial translators. It then undergoes a separate accuracy control process for regulatory compliance.

Wolfestone Group is proud to have the most rigorous accuracy controls in our industry. It’s just another reason why we are a leader in financial translation for business.

Wolfestone Group: All of Your Financial Translation Needs Covered

If you want to expand your business to one more country, all you need is a reliable finance translator.

But if you want to scale your business around the globe, you need access to quick and accurate financial translation for every key nation and region.

Wolfestone Group is a leading translation and localization agency for businesses. We specialize in the translations that companies need to scale, including finance, banking, accounting, marketing, legal, eCommerce and many more.

We’ve spent the last two decades building one of the largest and most experienced networks of finance translators. Specializing in dozens of sectors and regions, our certified linguists have at least 5 years of experience in financial translation. And, every translation is backed by the industry’s leading accuracy and compliance controls.

That’s why brands like Google, Coca-Cola and J.P. Morgan trust Wolfestone Group with their translation needs.

Contact Wolfestone Group today to learn how we can make scaling easier with expert financial translation in 220+ language pairs.

CTA

Get the latest translation insights straight to your inbox