City National Bank and CASHét Card to Launch RithmPay
PARTNERSHIP TO OFFER AN INNOVATIVE ACCOUNTS PAYABLE SOLUTION FOR THE BUSINESS MANAGEMENT COMMUNITY AND A UNIQUE CREDIT CARD CUSTOMIZED FOR THE LIVE TOURING INDUSTRY.
LOS ANGELES – City National Bank, America’s Premier Private and Business Bank®, and CASHét Card today announced that they have formed a joint venture which will operate as RithmPay. CASHét is the leading fintech payment solution for studios, networks and independent production companies in the entertainment industry in North America.
RithmPay, which will operate as a joint venture, will develop a virtual credit card solution for business management firms and their clients. This new accounts payable payment solution is expected to be seamlessly integrated into AgilLink by Datafaction, City National Bank’s premier accounting software for business management clients, and will offer personalized client service and proven technology and feature a cash rebate. RithmPay’s new offerings are expected to offer business managers increased efficiency, security and scalability.
“The partnership with CASHét is the latest example of our long commitment to serving our clients with secure and innovative financial tools,” said Martha Henderson, head of City National Bank’s Entertainment Division. Formed 65 years ago, Los Angeles-based City National is known as the premier bank to the entertainment industry. “CASHét has proven technology and services for enabling its clients to leverage new payment solutions that can make their lives easier.”
RithmPay is also developing a credit card with controls, features and benefits specifically for the unique needs of the expanding global live touring industry, which is expected to grow to roughly $30 billion by 2022, according to a survey from PriceWaterhouseCoopers.
RithmPay’s new financial solutions are expected to be launched in 2020, and they will expand City National’s customized payment capabilities to better serve the needs of business managers and live tours globally.
This new partnership is another example of City National’s growing suite of fintech solutions for clients. In August, the bank acquired FilmTrack, a Studio City-based leader in intellectual property rights management known for transforming the way the entertainment and media industry manages and monetizes intellectual property. Last year, the bank purchased Los Angeles-based Exactuals, known for innovative SaaS solutions for complex payments. And in 2010, the bank acquired Datafaction, a firm that provides comprehensive accounting solutions for the entertainment industry and family wealth firms. Its accounting software, AgilLink, combines accounting and banking functions into a single solution, reducing complexity and providing all of the accounting functionality that the business management and family office industries need.
“CASHét has revolutionized payments in film and television production and is thrilled to join forces with City National Bank and Datafaction to bring our service-oriented expertise, unique technology and payment capabilities to the business management and live touring industries,” said Robbert Aarts, co-founder of CASHét. Aarts also is co-owner of Fintage House, the global leader in film and television collection account management, digital rights management and other services. “This new venture capitalizes on our decades of experience and relationships.”
Said Kurt Woolner, co-founder of CASHét, “This partnership will enable business managers to monetize and streamline payment of accounts payable on behalf of their clients. As we did in the film and TV production space, RithmPay’s products are developed in close collaboration with the business management community they serve. For the live touring business, this new venture will combine the efforts and deep expertise of two highly successful entertainment-focused companies to provide a state-of-the-art payment solution for the massive live touring industry.”
Terms of the joint venture were not disclosed.