ATLANTA--(BUSINESS WIRE)--Nov. 25, 2003-- Magnet Communications, Inc., the Internet Business Banking Authority, announced today it has signed a reseller agreement with Gateway Web Services, Inc., a leader in treasury management and global e-commerce payment systems for large corporations including General Electric and Lucent Technologies.
Under the terms of the agreement, Magnet will resell the Gateway treasury management system that provides advanced application services to a bank's larger, more functionally demanding business customers. In addition, Magnet will offer Gateway's comprehensive data exchange service to facilitate the exchange of 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 (MOS).
"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, Magnet Chief Operating Officer.
Through the new partnership, Magnet 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.
"Magnet and Gateway have highly complementary software and services and this new partnership represents exciting opportunities for both companies," said Orazio Pater, President of Gateway Web Services, Inc.
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.
About Gateway
Gateway Web Services, Inc., headquartered in Barrington, Illinois, a suburb of Chicago, is an international financial software and service company that offers treasury management and funds transfer systems to leading corporations such as General Electric Capital Corp., Prudential Financial, Inc., TD Waterhouse, Lucent Technologies, and many others. Over 1,000,000 individual funds transfers have been executed via the Gateway Internet software since its introduction a little over one year ago. Over 4,000 operators are currently using the Gateway Web versions.
In addition, Gateway software has been installed at over 14,000 individual locations in 52 countries. Gateway offers an extensive product line to allow corporations and financial institutions to better manage their treasury operations and to execute payments via the Internet/Intranet, or direct dialup. For more information, visit www.gatewaysystems.com.
About Magnet
Magnet Communications, Inc. is a leading provider of Web-based business banking solutions for financial institutions of all sizes. From a single, integrated platform financial institutions can deliver an intuitive, easy-to-use solution for small businesses, a sophisticated solution tailored to large corporations and the right mix of services for middle market customers. Financial institutions can deliver Magnet's business banking solutions through the company's state-of-the-art data center or through a licensed in-house implementation, both supported by Magnet's superior integration expertise, ongoing customer support and critical disaster recovery services that deliver consistent performance. Founded in 1995, Magnet Communications is headquartered in Atlanta. For more information call (404) 892-9300 or visit www.magnetbanking.com.
