German business software vendor SAP AG has launched a new product aimed at helping companies better manage their global trading activities and, in particular, comply with fast-changing trade regulations, the company said Wednesday.
A key capability of the product, SAP Global Trade Services (SAP GTS), is compliance management, which automates the process of sanctioned party list screening as well as import and export control through license management and embargo screening, SAP said in a statement.
The compliance management function, according to SAP, immediately screens a company’s business partners as well as the sales and purchase management processes, ensuring that companies check against the latest sanctioned party lists published by governmental agencies.
The function helps companies meet compliance regulations more efficiently and avoid having to pay heavy fines due to trade restriction violations and tighter national security regulations, SAP said.
SAP GTS uses open standards, including XML (Extensible Markup Language), and mySAP technology.
The new product comes in response to customers’ demand for a solution to automate compliance requirements, according to Sonja Filser, a SAP company spokeswoman. “We work with many global companies that have requested a product to support them in this area,” she said.