PaymentHub, which manages many forms of complex payments such as residuals, royalties, and insurance claims on behalf of clients in the entertainment and insurance industries, experienced 250 percent year-over-year growth, the company announced Monday (Feb. 1). Additionally, PaymentHub, the flagship product of Exactuals, has eclipsed $1 billion in all-time dollars processed.
According to PaymentHub, it’s growth was driven by the following factors:
• Exactuals’ rapidly expanding client base, which grew more than 100 percent in 2020
• The continued growth in streaming of music and film/television
• The successful acquisition of Backlash Solutions in January 2020
• Strengthened demand for direct deposit in film/TV residuals by SAG-AFTRA members
• The global move to automate manual and paper-based processes to enable work-from-home execution of core processes
“The extraordinary growth of PaymentHub over the past year is exciting, and we expect to see the trend continue in 2021,” said Mike Hurst, Co-Founder and CEO of Exactuals. “The support of City National and Royal Bank of Canada has accelerated growth for our business by removing any market concerns around scale. When we were small and independent, we had to fight to prove we were a safe bet. Today, as a wholly owned subsidiary of one of the world’s largest banks, our clients know they are working with a trusted and stable global institution that puts security and business continuity above all else. I am proud to say, Exactuals represents the safest and fastest path to payment modernization in the industries we serve.”
“City National has always been there for the entertainment industry, and during the pandemic we have doubled down to provide our clients with better, faster, and more efficient service,” said Verna Grayce Chao, executive vice president in charge of City National Bank’s Treasury Management Solutions. “We have a client obsessed culture and we’re dedicated to meeting our clients’ unique needs. PaymentHub allows us to do just that. We’re providing leading technology-based solutions that have replaced outdated processes, paper checks and manual reporting – providing greater security, accuracy, transparency and speed. City National and Exactuals are proud to reach this momentous milestone.”
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