Application will support letters of credit

SAP AG last week unveiled a new version of its Global Trade Services software, which officials said can better help customers navigate through the tangle of international trading laws and procedures.

Initially released in 2002, the GTS application is used by some 250 companies to automate the processes involved in cross-border transactions, SAP said. The latest version, GTS 7.0, is built on top of SAP's NetWeaver middleware technology, said Neetin Datar, director of solutions marketing at SAP's global risk compliance unit.

One customer, Foster City, Calif.-based life sciences firm Applied Biosystems Group, is already considering an upgrade to the new application.

Leighton Yates, senior manager for global trade compliance at Applied Biosystems, said he is interested in Version 7.0 because it supports multiple languages, including Chinese, and offers updated reporting capabilities. The company is now using an earlier version of the application.

Yates also noted that the latest version of GTS provides a trade preferences module that can automate the process of complying with applicable regional trade agreements -- a feature that could help Applied Biosystems eliminate redundant processes and save it as much as US$1 million.

Added Features New features in GTS 7.0 also include the ability to automatically create letters of credit, which are commonly used in Europe and Asia, Datar said.