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 licence management and embargo screening.
The compliance management function 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 facing heavy fines arising from trade restriction violations and tighter national security regulations, SAP said.
SAP GTS uses open standards including XML and mySAP technology.
The 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."