SAP has updated its Global Trade Services (GTS) software to make it easier for customers who trade globally.
The updated GTS software will improve the way companies navigate their way through international trading laws and procedures.
GTS 7.0 automates the processes involved with cross-border transactions. GTS was first released in 2002, and SAP says that 250 firms around the world are currently using the system.
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GTS 7.0 is built on top of SAP's Netweaver middleware application stack. New features in GTS 7.0 include the ability to automatically create letters of credit, which are used widely in Europe and Asia.
This facility is designed to reduce the amount of letters of credit that have errors, which can slow down trading.
In addition, the software update automates customs warehousing processes, which can allow companies to defer or eliminate duties payments.
The latest version of GTS also has a trade preferences module that can automate the process of complying with applicable regional trade agreements.