Magnet Communications has signed a reseller agreement with Gateway Web Services, a provider of treasury management and e-commerce payment systems.

Under the terms of the agreement, Magnet will resell the Gateway treasury management system that provides application services to a bank’s larger, more functionally demanding business customers.

In addition, Magnet will offer Gateway’s data exchange service to facilitate information between bank cash management systems and other treasury workstations. The Gateway service will be offered through a licensed model or as an ASP solution via Magnet’s data center, the Magnet Outsource Service.

“Combining our sophisticated cash management and business banking leadership with Gateway’s treasury management and data exchange services, both banks and businesses will be able to take advantage of comprehensive web-based solutions to run their businesses more efficiently and effectively,” said Scott Pranger, chief operating officer of Magnet.

Through the new partnership, Magnet says it will extend its current bank-branded product offering to include more comprehensive treasury management services such as cash position worksheets, general ledger interfaces and account reconciliation.

The two companies have also entered into a hosting arrangement whereby Magnet will manage the Gateway software in Magnet’s Atlanta-based SAS 70 Type II compliant data center.

Magnet: www.magnetbanking.com