Los Angeles-based industry payments specialist Exactuals is celebrating sign-ups for its direct deposit service by many of the 160,000-plus union members with SAG-AFTRA, the company announced, with the members using the service to receive residual payments regardless of a recent change of address or filming on location.
Launched in conjunction with industry payroll specialists Entertainment Partners — which has onboarded more than 90% of its client base to the platform — the SAG-AFTRA member commitment to the service marks a major step toward eliminating paper reporting and physical check payments for the industry, according to Exactuals CEO and co-founder Mike Hurst.
“Taking the industry toward paperless payments provides an opportunity for every stakeholder in Hollywood to win,” he said. “Guilds win by better serving their members. Talent wins by ensuring rapid and secure payments. Studios and payroll companies win by simplifying a costly and difficult process while driving efficiency to their operations and bottom line.
“We are thrilled to partner with the industry’s largest organizations to bring savings to all involved, along with a major environmental victory for Hollywood as a whole.”
The SAG-AFTRA agreement ensuring rapid and secure payments for union members (who can sign up for direct deposit via the SAG-AFTRA portal), while studios and payroll companies benefit by eliminating uncashed check issues that hurt efficiencies. Studios processing their own residuals can integrate directly with Exactuals. Those utilizing Entertainment Partners are integrated automatically.
It’s estimated that studios that integrate directly see 60% or more in savings by eliminating paper-based.
To date, Exactuals — which is owned by City National Bank — has processed more than $200,000,000 in entertainment payments.
Anthony De La Rosa, EVP of residuals for Entertainment Partners, will join Hurst and Exactuals’ Rebecca Green (director of customer success) and Wendy Osuna (product manager for film and TV) May 23 at HITS Spring for the panel “Paperless Payments: Stop lighting money on Fire – Direct Deposit Residuals and Participations Now Available Industry Wide.”
For more about Exactuals, visit exactuals.com.