Client Builds On Competitive Advantage With Payment Innovations
A complex set of challenges to be met.
A major entertainment industry client needed a cutting-edge digital payment process with an exceptional user experience. The company was processing thousands of complex payments every month — including a large number of payments from multiple sources — using a legacy system.
An award-winning solution for an end-to-end digital payment system.
A new system was needed to fully satisfy current demands while being scalable for the company’s future needs. Complex challenges were met head-on to achieve the solution.
The business collaborated with City National to create an innovative solution and won a prestigious industry award for the technology and payment solution.
"City National is all about providing our clients with innovative,
efficient and secure end-to-end solutions.”
City National's Approach
A team of experts ready to step up
The large entertainment client already had a trusted relationship with City National Bank. Martha Henderson, who heads City National’s Entertainment Division, and her team worked with the company for many years and developed a thorough understanding of their payment operations.
“They have been a great client for many years. It was a privilege to receive the vote of confidence from the client when asked to reimagine and architect their treasury and client experience by creating a comprehensive and scalable solution that will assist with future growth,” said Martha. “Having a payment portal enables the business to communicate with its clients strategically and in real time — it’s a game-changer.”
City National deployed a dedicated team to oversee the transition of a legacy system to a more efficient and automated process. Some of the team’s challenges were connecting metadata with proper payments and coordinating talent enrollment on to the platform.
The final innovative solution smoothly integrates three sophisticated financial technologies offering bank-level security. City National’s plug-in connector automated payment and reporting workflows with robust application programming interfaces (APIs) that comprehensively manage these processes. That plug-in was integrated with the client’s enterprise resource planning (ERP) system, allowing for full domestic and international payment processing. The final integration was with City National’s SaaS-based platform, Exactuals, which provides real-time payment status and reporting portals for both the business and its clients.
“That’s exactly what the new digital payment solution does for our clients — it provides a cohesive and automated process that meets their current demands while also being scalable for the company’s strategic expansion in the future,” said Verna Grayce Chao, who heads City National’s Treasury Management Solutions. “It’s been fantastic working with our valued client on this new platform that is enriching the client experience.”
A fully upgraded user experience
The retooled and scalable system provides a streamlined experience to multiple stakeholders including executives, finance professionals, business managers and — most importantly — the creative professionals who receive the payments. All users have gained a customized, end-to-end life cycle view of revenue and associated payments through a convenient and secure delivery portal. Metadata is managed automatically and formatted to the business specifications.
This allows their clients to now enroll securely online and register their preferred payment delivery method. Clients and their designated team members can also view payment details in real time. Dashboards and analytics allow clients to visualize key business data, including project revenue, performance and comparatives. This rich, real-time reporting provides them with strategic informational benefits and is another way for the new payment solution to deliver a competitive edge.
Substantial time and cost savings have resulted from City National’s solution. Support calls have greatly reduced while payment process efficiencies have introduced significant additional savings. Best of all, their workforce now has the time it needs to focus on what matters most — serving clients and advancing the organization’s strategic initiatives.
An award-winning outcome
As a result of this excellent collaboration with City National, the large entertainment client won a prestigious industry award for the technology and payment solutions.
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