Hyperwallet and Lyric Financial bring advance royalty payments to artists
Lyric Financial and Hyperwallet team up
Mass payout platform Hyperwallet has teamed up with Lyric Financial, a financial services provider specialising in royalty advances and loans for musical artists, reports Julie Muhn at Finovate.
Hyperwallet CEO Brent Warrington explains that recording artists face a struggle of income unpredictability. “Our job as a global payout platform is to help change the way these folks get paid, ultimately ensuring financially vulnerable workers have quick, efficient, and secure access to their earnings, whenever and wherever they need them,” he adds.
Hyperwallet’s payout solution is scalable and allows users to get paid in real-time. This is valuable to Lyric clients, who will benefit from faster, more efficient royalty payment advances that help smooth out irregular and delayed payouts for their work, the vendor says.
“Powering our royalty payment disbursement platform with Hyperwallet has not just improved the speed of distribution, but has also further increased visibility into the process for our payees,” says Eli Ball, Lyric Financial CEO.
Since Hyperwallet facilitates low-cost bank transfers across almost a dozen countries, including India, Russia, Brazil and Indonesia, the partnership will also help Lyric support its growing roster of global clients. Ball adds: “It’s reassuring knowing that the Hyperwallet network can easily enable us to expand our local payouts across 100+ countries quickly and easily.”
Last December, Hyperwallet began supporting payouts from Amazon’s Australia marketplace.
Hyperwallet was founded in 2000 and is headquartered in Austin, Texas.
