Last updated on December 6th, 2019 at 12:38 pm
Two things are the lifeblood of New York City’s Financial District: language and money. Billions in domestic and international capital flows in and out of the NYC financial hub every day, in dollars, pesos, euros, pounds, rupees, and other currencies. Over 800 languages are spoken in NYC alone; few other cities can match that level of diversity. NY City is the financial capital of the world, everyday transactions occurring in multiple languages, and financial translation services are often required to move the information around the NYC Financial District.
The Financial District is on Manhattan Island, a neighbor to fixtures like the Brooklyn Bridge and Battery Park. Many major financial organizations make their headquarters there, like the Federal Reserve Bank of New York, NASDAQ, and Amex, now called NYSE MKT LLC after acquisition by NYSE Euronext. Dozens of investment banks have offices in the Financial District or Midtown to take advantage of the opportunities the NYC economy presents.
How do financial centers run smoothly with so many different languages flowing in their hallways, conference rooms, and trading floors? Without language services for finance, the river of transactions in the NYC financial district would shrink to a stream. Add regional dialects and linguistic evolution into the mix, and you have a situation that would be rendered completely unworkable without professional language services.
Let’s look at some facts about financial translation. You’ll find out how some of the biggest finance players in New York use financial translation to operate and prosper. The best part is that access to high-quality financial translation is not limited to banks and investment firms; it’s right here and waiting to help.
Every financial institution must take care to provide linguistic solutions for its multilingual employees, clients, partners, and shareholders, as well as state and federal oversight agencies. The kind of complex, high-level financial transactions that occur in NYC every day produce thousands of pages in documentation, contracts, email threads, meeting minutes, and other material. Just one error can cause misunderstandings, delays, even legal trouble.
Machine translation is a helpful tool to start with, but cannot be relied on for accuracy alone, especially in language and context meaning. This tool should be at the hands of experts in the translation industry to monitor and improve its quality output with revisions and post-editing services handle by professional translators
Financial terminology is a language unto itself, so the translator must be a professional fluent in the source language, target language, and financial industry terminology and content. For instance, suppose your company is seeking funding from venture capitalists. Your presentation deck is in French, and the firm representatives you’re pitching to speak Arabic. You’ll need a professional financial translator who understands venture capital finance and can produce a translation from French into flawless Arabic. Multiple legal disclosures may be involved, and the documents must follow the original as close to verbatim as possible. You might also need interpreters prepared with the content to be discussed that can support and facilitate the meeting.
This is the kind of expertise the major banks and investment firms in NY expect from their financial translation. This is the kind of expertise that you can expect for your business when you use professional financial translation Services offered in NYC by JR Language.
Finance is an area that brooks no errors. You need the best translation services to conduct business confidently. Here are some specific items that require the services of a financial translator:
Adding It All Up
Professional financial translation gives businesses a strong position from which to take on the vast world of international commerce. It opens up formerly unseen horizons, forges connections, and provides the peace of mind that comes with knowing that your company’s communication and financial information are clear, correct, and legitimate in any language.
Contact JR Language Translation Company today to bring financial translation services used by the biggest banks in New York City home to your office.