Exactuals’ PaymentHub Platform Surpasses $2 Billion in Processed Payments
Exactuals, an RBC company and a wholly owned subsidiary of City National Bank, announced today that its global payment platform, PaymentHub, reached an important milestone by surpassing the $2 billion mark in processed payments.
Exactuals, an RBC company and a wholly owned subsidiary of City National Bank, announced today that its global payment platform, PaymentHub, reached an important milestone by surpassing the $2 billion mark in processed payments. The product has experienced incredible growth in recent years; in 2021, PaymentHub processed more than $1.55 billion, a significant increase over the $450 million it processed in 2020. This pushed the platform – which manages many forms of complex payments such as residuals, royalties, and insurance claims on behalf of its clients – past $2 billion with massive growth across all business lines, including film, TV, music, real estate and insurance.
PaymentHub’s success has been driven by various factors, including Exactuals’ rapidly increasing client base, which grew 25% during the period. Two years ago, Exactuals acquired royalty calculation and statement generation service, SR1, and since the purchase, many business managers, record label and distribution companies using SR1 became PaymentHub clients in 2021. In addition, Exactuals recently introduced RAI, a software development kit, and many of those clients using this music metadata product joined PaymentHub as well. Other contributing reasons behind the positive results have been the continued explosion in streaming for both music, film and TV and the increasing need and demand for direct deposit payment of film and TV residuals among SAG-AFTRA members.
Mike Hurst, co-founder and CEO of Exactuals, said, “PaymentHub’s rapid growth is a testament to the strength and security of our software. Our team has built a secure and scalable platform trusted by some of the largest companies in entertainment. Surpassing the $2 billion mark is a testament to the demand for secure, accurate, transparent and rapid payments in the entertainment industry and beyond.”
“Reaching this important milestone demonstrates our team’s unwavering commitment to providing our clients with even better services and resources they need to optimize their financial operations,” said Verna Grayce Chao, executive vice president in charge of City National Bank’s Treasury Management Solutions. “Exactuals’ rapid growth in a short period shows that our clients continue to depend on us for exceptional services that grow with their needs.”
To learn more about Exactuals or PaymentHub, visit www.exactuals.com.