LOS ANGELES (Feb. 8, 2017) – SAG-AFTRA announced today an innovative new service that will facilitate the delivery of residual payments to its members via direct deposit.
SAG-AFTRA has entered into a multiyear agreement with Exactuals, a Los Angeles-based payments software company, to deliver residuals payments through direct deposit. Exactuals will serve as a third-party broker to facilitate transmission of data and funds between the studios and payroll houses to SAG-AFTRA and its members. Processing of funds will be handled by Exactuals through City National, which will electronically transfer funds to member accounts at any checking account at a domestic bank. The service to SAG-AFTRA members will be free of charge.
This is the first deal of its kind in the entertainment industry and the process will further improve the timely payment of residuals to SAG-AFTRA members who receive residuals from participating studios and payroll houses, while offering the convenience of having residuals checks delivered directly to members’ bank accounts.
“Our members asked for the direct deposit of residuals and we have heard them loud and clear,” said SAG-AFTRA President Gabrielle Carteris. “We have long been in discussions with employers to make this happen and are delighted to announce this partnership.”
SAG-AFTRA National Executive Director David White said, “Our team has worked with Exactuals and other institutional partners on this initiative for years and I am thrilled now to roll this out to our membership and the industry. This represents a tremendous innovation for our industry and I want to thank and congratulate our partners for their foresight, investment and collaboration on this project. I also salute our terrific staff who have worked so hard on behalf of our membership to make this ambitious goal a reality.”
Valery Kotik, national director of residuals processing at SAG-AFTRA, said, “This long-overdue electronic delivery system will improve the efficiency of residuals processing and deliver payments to members quicker and more conveniently.”
“We are thrilled to join with the industry’s largest union in SAG-AFTRA and one of the most trusted financial institutions in City National to bring secure direct deposit to the residuals space,” said Mike Hurst, Exactuals CEO and co-founder. “Our organizations strive to bring technological innovation to our clients and members, and we are eager to share our work with the industry.”
“City National is very pleased to work with SAG-AFTRA and Exactuals in this new landmark process that will make lives easier for many in the entertainment industry,” said Martha Henderson, head of the Entertainment Division at City National. “We have a long history serving the financial needs of the entertainment industry and making sure the most innovative, high-quality processes are available to all. This new relationship will allow professionals to get these very vital residual payments easier and quicker.”
To download a high-resolution photo, click here. Photo by Rocco Ceselin.
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SAG-AFTRA represents approximately 160,000 actors, announcers, broadcast journalists, dancers, DJs, news writers, news editors, program hosts, puppeteers, recording artists, singers, stunt performers, voiceover artists and other entertainment and media professionals. SAG-AFTRA members are the faces and voices that entertain and inform America and the world. A proud affiliate of the AFL-CIO, SAG-AFTRA has national offices in Los Angeles and New York and local offices nationwide representing members working together to secure the strongest protections for entertainment and media artists into the 21st century and beyond. Visit SAG-AFTRA online at SAGAFTRA.org. Follow SAG-AFTRA on Twitter (twitter.com/sagaftra), YouTube (youtube.com/sagaftra) and Facebook (facebook.com/sagaftra).
Founded at Stanford Graduate School of Business in 2011 with the mission to modernize the entertainment payments space, Exactuals provides an innovative SaaS platform used by film/TV, music, and marketplace companies to manage residuals, royalties, and other complex payments for thousands of payees. The company is led by a team of software and entertainment veterans with funding through City National, TTV Capital, S-Cubed Capital, and Stanford-StartX Fund among others. Headquartered in Los Angeles, California. For more, visit exactuals.com.
About City National
With $47 billion in assets, City National provides banking, investment and trust services through 73 offices, including 16 full-service regional centers, in Southern California, the San Francisco Bay Area, Nevada, New York City, Nashville and Atlanta. In addition, the company and its investment affiliates manage or administer $58 billion in client investment assets.
City National is a subsidiary of Royal Bank of Canada (RBC), one of North America’s leading diversified financial services companies. RBC serves more than 16 million personal, business, public sector and institutional clients through offices in Canada, the United States and 36 other countries.
For more information about City National, visit the company’s website at cnb.com.
Photo above: SAG-AFTRA has entered into an industry-shaping agreement to deliver residuals payments to SAG-AFTRA members through direct deposit for the first time. Processing of funds will be handled by Exactuals, a Los Angeles-based payments software company, through City National, which will electronically transfer funds to member checking accounts at any domestic bank or credit union. Counterclockwise from right front: SAG-AFTRA President Gabrielle Carteris, SAG-AFTRA National Executive Director David White, Martha Henderson, head of the Entertainment Division at City National Bank, and Exactuals CEO and co-founder Mike Hurst. Photo by Rocco Ceselin.
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