Revolutionising the talent industry, one payment at a time
The challenge
When it comes to issuing and tracking client payments, the entertainment industry has long struggled with a fragmented and antiquated process. The current state is highly paper-based and disjointed due to the use of multiple systems and manual handoffs that are not integrated. This results in inefficiencies and challenges for clients when reconciling the payments they receive with back up details, such as statements and paystubs.
The current process results in a poor client experience, increased vulnerability to fraud, and time-consuming, error-prone practices. This was a significant challenge at United Talent Agency (UTA).
The solution
UTA collaborated with City National Bank (CNB) to create a solution utilising SaaS technology to transform its business and clients’ experience. The solution automated the payment and reporting workflow by leveraging CNB’s plug-in connector, which includes robust APIs to handle different areas of the payment and reporting process. The plug-in integrated with UTA’s Netsuite ERP system, resulting in full domestic and international payment processing. This, in turn, integrated with CNB’s SaaS-based secure platform, Exactuals, which provides real-time payment status and reporting portals for payor and payees.
Best practice and innovation
The solution has created a unique user experience for multiple stakeholders: executives, finance professionals, agents, business managers, and most importantly, the end talent. Each user has a customised, secure end-to-end lifecycle view of the revenue and associated payments in a seamless, user-friendly and secure delivery portal. UTA is able to drive payment efficiencies and speed in a convenient, secure and accurate environment.
The comprehensive integration delivered through this online portal allows UTA to collaborate with its clients in new and strategic ways. While this is an ongoing journey, UTA has realised a significant increase in its ROI by eliminating outdated manual processes and automating the workflow.
Key benefits
The automation of the payment workflow and the real-time integration with the portal creates scalability and provides streamlined payment workflow processing. It also enables data to be delivered in a secure and intelligent manner.
Payees securely self-enrol online and register their preferred payment delivery method. Payees and their designated team members are able to view payment details whenever needed, which reduces support calls and enables UTA to spend more time with clients, focusing on strategic initiatives instead of answering routine questions around payments and reports.
The solution provides dashboards and analytics for clients to visualise key business data, such as project revenue, performance, and comparatives. This enriched client experience gives UTA a competitive edge in the industry.
By leveraging payment automation, self-service online portals and bank-level security, UTA has seen significant savings in time and money with a total annual cost reduction estimated at US$600,000.
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Verna Grayce Chao
