Royal Bank of Canada subsidiary City National Bank has acquired entertainment industry payment services provider Exactuals for an undisclosed amount.

Founded in 2011, Exactuals has designed PaymentHub that enables studios, unions, guilds, payroll companies, music publishers, distributors and other stakeholders to offer direct deposit payments to associated parties.

It also facilitates tax document management and online reporting to rights holders, performers, service providers and independent contractors globally.

PaymentHub is said to reduce costly paper checks and reporting as well as ensure higher security and transparency compared to conventional payment procedures. All parties can process global payments through their City National operating accounts.

Recently, Exactuals has launched an artificial intelligence-based tool called RAI for record labels and publishers to optimise ownership metadata for the calculation and payment of royalties.

City National Bank chairman and CEO Russell Goldsmith said: “City National has been a minority investor in Exactuals for several years, and the two companies have formed a strong partnership. Mike and his team are highly skilled, and we’re very pleased that they will be joining City National.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

“This acquisition builds on City National’s history of serving the entertainment industry, and it is the latest example of our commitment to provide clients with premier service and state-of-the-art payments systems.”

The company, as a subsidiary of City National Bank, plans to serve other businesses, apart from facilitating payments within the entertainment industry.

Mike Hurst will continue to work as the CEO of Exactuals under a multi-year contract.