Add AI language capabilities to increase cross-border business transactions

Published on 16 Mar 08:31 by Sam Yip
Tags: translation   localization   legal   AI   tools  

TranslateFX Add AI language capabilities to increase cross-border business transactions

In this age of global capital mobility, language translation remains as one of the last primary barriers to wide spread increase in cross-border transactions. The relaxation of capital controls and the increase in credit supply have made the actual monetary exchange increasingly easy. However, language and cultural barriers remain to be a friction point between transacting parties. Building trust is after all one of the main pillars of trade.

According to a report by the Economist Intelligence Unit, nearly half of the 572 senior executives interviewed admitted that misunderstandings and “messages lost in translation” have halted major international business deals for their companies.

Luckily, the advancements in AI translation technology is poised to overcome this language barrier. Today's AI translation technology help us interpret and translate the world in ways that are nearly seamless and instantaneous. AI models can now differentiate contexts, understand intents, and bring nuances to the translation at near human levels. With the help of AI translation technology, communications among all parties -- corporations, regulators, financial advisors, legal counsels and other service providers -- become faster and more engaging, reducing the risk of misunderstandings that once plagued cross-border transactions.

It won't be long before AI translation technology renders language barriers obsolete, and this will deepen relationships among parties to a business or financial transaction by translating their wants and needs, essentially ensuring that everyone's voice can be heard. The upshot is a seamless experience for a cross-border transactions, and more deal opportunities for each party involved.

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TranslateFX develops AI translation technology specifically for financial and legal institutions. The company develops AI models and workflow tools for clients of all sizes. We believe humans always play and important part of the process and our tools reduce the time and costs of translation by 60% or more.

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