kaptin.com

Now it is working on combining the two technologies to produce software capable of understanding a caller’s voice and translating it into a synthetic equivalent in a foreign language. Like a professional human interpreter, the phone would analyse “packages” of speech, listening to the speaker until it understands the full meaning of words and phrases, before attempting translation.

This is a logical step for Google, we'll see just how accurate it is, as Google Voice transcribing can sometimes be, imprecise.