Banking translation
Banking in today’s world is getting evolved to a new model where
large institutions take over smaller banks worldwide.
This strategy may lead to a situation where only few big conglomerates will exist. Today's
major banking
conglomerates are present in almost every developed or
developing country market.
This multinational presence has lead
to the need of translation of various documents of acquisitions,
foreign exchange information, repayment schedules, liquidation,
loans, mergers, overdrafts, receivables, securities, creditors,
debts, disposals etc in banking business. The banking
translation required has to be done with out harming the
confidentiality of the data or information as it may contain
details of the customers accounts with personal details and
could be used if it goes in wrong hands.
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The banking translation may include
translation of various strategy documents required to be followed
by the employees of banks with global presence. The
translation of documents like acquisitions, mergers and mortgage
loans require that the translation process take several legal aspects in mind. The
translator working in such a special case needs to know the
legal practices in the respective target locations as every
country has its own banking laws and it could be lead to severe
ambiguity if the translator doesn’t have proper knowledge of the
laws.
The information like foreign
exchange or securities has to be provided to the head offices of
the banks on daily basis. This makes its necessary that this
information gets translated to target language with in short
period as the turn around time is few hours. Also this type of
banking translation is a routine work so the translator has to
maintain the routine. Though the advantage of such translation
work is that the translator gets regular steady source of income.
The other banking translations include the localization of the
information for ATM’s and information kiosk.
The translation of monthly reports
of the management information system is the other main
responsibility of a translator providing banking translation.
The monthly reports of the banks needs to be send to the
principle offices that makes it necessary for the translator to
render it to a language that is acceptable by the principle
office location. Generally in such type of translation work the
translator has to take care of the spaces and notations of the
languages involved. For e.g. the spaces and notations in the
Chinese language or Japanese language is very different and the
conversion of documents to or from this languages to say English
has to be done with great care to avoid any type of irrelevant
output.
But all said and done the banking
translation is a promising field for professionals with banking
knowledge who also posses good multilingual skills.
