Until now, those payments have been delivered via paper checks — 4 million of them every year. Soon, however, the industry’s performers will be able to have their residuals deposited directly into their bank accounts, thanks to a 20-year deal with Exactuals and City National. Founded in 2011, the startup, headquartered in the Los Angeles neighborhood of Westwood, offers a SaaS platform called PaymentHub aimed at the entertainment industry for residual, royalty and other complex payments.
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Los Angeles-based City National Bank came to Nashville to bank the city's biggest entertainment names, and in their five years here, they've secured the business of 90 percent of the city's business-management firms, according to bank officials. City National is doubling the size of its Nashville office, taking up 4,000-square-feet once renovations are done. With the expansion almost complete, the bank's local executives hope to be able to hire new bankers to lead the bank's efforts into other areas outside entertainment, which the bank specializes in nationwide.