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City National Bank has acquired Exactuals, a Los Angeles-based entertainment industry payments specialist, for an undisclosed price.
The bank, which first invested in Exactuals in 2013, announced the deal on Monday. It said Exactuals’ PaymentHub system allows studios, unions, guilds, payroll companies, music publishers, record labels, distributors, and marketplaces to provide direct deposit payments, tax document management and online reporting to rights holders, performers, managers, service providers and independent contractors across the globe.
Cases - System - Payment - Process - Need
“In many cases, this automated system has replaced an outdated payment process, reducing or eliminating the need for costly paper checks and reporting,” the bank added. “Exactuals’ system provides payments and reporting functions with greater security, accuracy, transparency and speed. Firms can process global payments through operating accounts at City National.”
SAG-AFTRA announced last year that it would offer members delivery of residual payments through direct deposit for the first time, replacing paper residuals checks. The performers union, which has about 160,000 members, announced it had entered into a multiyear agreement with Exactuals to deliver residuals payments through direct deposit. SAG-AFTRA said Exactuals would serve as a third-party broker to facilitate transmission of data and funds between the studios and payroll houses to SAG-AFTRA and its members.
Announcement - Deposit - Information - Union - Site
SAG-AFTRA never made followup announcement as to whether the direct deposit would be available and there’s no information on the union’s web site about direct deposit of residuals. Reps for SAG-AFTRA did not respond immediately to a request for information about its agreement with Exactuals.
City National said Monday that it had participated in a $10 million round of funding for Exactuals prior to the agreement with SAG-AFTRA and that Exactuals “is working” with them to offer direct deposit of residual payments to its 160,000 members.
Rollout - Direct - Deposit - Exactuals - Year
“SAG-AFTRA began a slow, steady, and successful rollout of Direct Deposit with Exactuals earlier this year,” said Mike Hurst, CEO...
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