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Treasurers John McIlwee and Verna Grayce Chao sat down with Andrew Wallenstein, president and principal media analyst for Variety Intelligence Platform, to discuss the digitization of compensation in the entertainment industry. type Entertainment and Technology Summit hosted by City National Bank on Thursday.
“My office hasn’t mailed a hard check since 2019,” McElwee said of changes made to compensation in recent years. “They really like the fact that they don’t have to deal with these hard checks, which cost them a lot of money compared to electronic transactions.”
McIlwee is the founder of McIlwee & Associates, Inc. and Grayce Chao is Executive Vice President of City National Bank Treasury Management Solutions. The pair discussed with Wallenstein at length the rapidly changing compensation landscape within the industry due to innovations in payment technology, which have resulted in more efficient and transparent compensation for entertainment talent, executives and other industry stakeholders. They discussed new software programs like Exactuals, which aim to eliminate paper checks in favor of more direct deposit payments.
“Agency does have its own processes, but they’re all striving for the same things: transparency, accuracy, the ability to reduce manual and high-risk activities,” Grayce Chao said. “The technology out there is like a runaway train, and we’re all talking about how to leverage it, and then the reality of existing and ingrained technologies and processes.”
Grayce Chao expands on advances in payment technology and comments on how her company and others are figuring out the right balance of push and pull to get the most out of the technology available to them. McIlwee talks about the ease of adapting to remote work recently, and the fact that he can get the work he does from anywhere outside the office.
Check out the full panel above.
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