Exactuals has processed over $1 billion in total payments through its PaymentHub product, company officials revealed today.
Exactuals announced PaymentHub’s payment-processing accomplishment – and 250 percent year-over-year growth – via a formal release that was emailed to Digital Music News. PaymentHub’s strong performance, the 10-year-old SaaS company and City National Bank subsidiary indicated in the release, is attributable in part to the increased prevalence of music and visual-media streaming, the early-2020 acquisition of Backlash Solutions, and the heightened demand among SAG-AFTRA members for direct-deposit royalties.
Additionally, Exactuals noted that its client base expanded by north of 100 percent throughout 2020, while the pandemic-prompted “move to automate manual and paper-based processes” as employees performed key tasks at home also contributed to the solid showing from PaymentHub.
The 67-year-old City National Bank, a subsidiary of the Toronto-based Royal Bank of Canada, has $75 billion in assets, according to the text. Plus, City National Bank “and its investment affiliates manage or administer $81.8 billion in client investment assets,” per the same source.
Addressing his company’s 2020 gains (and $1 billion payment-processing milestone) in a statement, Exactuals cofounder and CEO Mike Hurst touted the operational benefits associated with being part of City National and the Royal Bank of Canada.
“The extraordinary growth of PaymentHub over the past year is exciting, and we expect to see the trend continue in 2021,” started Hurst. “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,” he finished.
And Verna Grayce Chao, executive vice president of City National Bank’s Treasury Management Solutions, said in part: “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. … We’re providing leading technology-based solutions that have replaced outdated processes, paper checks and manual reporting – providing greater security, accuracy, transparency and speed.”
Worth mentioning in conclusion is that Exactuals – which longtime investor City National Bank acquired in August of 2018 – stated when detailing the aforementioned purchase of Backlash Solutions that it would pursue a long-term plan to secure similar assets. Particularly because of the company’s impressive 2020 growth, it’s possible that some such investments could be announced later in 2021.