City National Bank acquires Exactuals

Exactuals’ payment system, PaymentHub, 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.

Exactuals will continue to modernize the residuals and royalty payment process for the entertainment industry. City National it expects Exactuals to increase deposits and enhance the services it can offer to the bank’s entertainment clients, as a now wholly owned subsidiary of the bank.

The company also recently launched RAI, an artificial intelligence tool used by record labels and publishers to optimize ownership metadata for the calculation and payment of royalties. Exactuals entered into a partnership with DotBlockchain Media in July 2018, where it’s using the technology to help verify the blockchain’s metadata that it intends to input onto its database.

In February 2017, City National participated in a USD 10 million round of funding for Exactuals. Exactuals then announced a long-term landmark contract with the entertainment industry’s largest union, SAG-AFTRA, and is working with them to offer direct deposit of residual payments to its 160,000 members.