The banking sector has seen many changes in the recent years. The latest trend being the acquisition of small banks by larger ones, a strategy, with the help of which huge international banks are making their presence felt in various parts of the world including both developing and developed countries. Now these big banks frequently acquire smaller banks located in regions where people speak a different native language, in order to function smoothly in these regions such banks need high quality language translation services on a regular basis.
Banking translation involves translation of classified documents like foreign exchange information, documents of acquisitions, mergers, liquidation, loans, receivables, securities, debts, overdrafts, creditors, disposals and repayment schedules among others. It is extremely important that the confidentiality of such documents is protected. Other types of documents that come under the purview of banking translation include the monthly reports of management information system which need to be translated into a language that the main office of the bank will be able to understand and localizing the information available at ATMs and other similar outlets.
Banking translation requires a substantial understanding of banking concepts, associated legal background, and also the formal style of writing associated with the industry, as well as the typical formatting of various documents. The consequences of mistakes in banking translation can range from plain embarrassment to damage of the reputation of the bank, as well as monetary loss. For banking translation reputed translation companies are recommended over independent translators as not only do they make provisions for confidentiality but can also mobilize the man-power required for high-volume and ongoing translation projects.