TRENDING: Lyric Financial Moves Songwriters’ Finances To A Faster Beat

 

The global music industry will soon be worth more than $57 billion, according to recent projections.

But for some musicians and songwriters, income flow is often unsteady. As the speed of payments around the world continues to increase, many musical professionals are looking for faster ways to get business capital while waiting for royalties to accumulate.

In the April Faster Payments Tracker, PYMNTS talks with one company that is trying to up the tempo on music industry payments, and dives into more of the latest faster payments headlines.

Around the Faster Payments World

Coinbase recently announced that it’s the first cryptocurrency exchange to support the U.K.’s Faster Payments scheme. This move is aimed at accelerating the process of customers adding and withdrawing funds from Coinbase, which previously took days to finalize.

Meanwhile, in Sri Lanka, commercial FI Cargills Bank recently partnered on remittances. The company announced it was working with TransferTo, a cross-border mobile payments network. The pair aims to enable real-time receipt of remittances sent to Sri Lanka from more than 60 countries.

Ripple also turned to partnerships recently. The company announced it would team up with a total of 61 Japanese banks in an effort to create an app enabling 24/7 instant cash transfer settlements between Japanese bank accounts.

Check out the Tracker’s News and Trends section for a roundup of the latest headlines from across the faster payments landscape.

Making Musicians’ Money Move More Quickly

After creating their latest musical masterpiece, independent songwriters and musicians often wait quite a while — which reportedly can sometimes mean years — before they see royalty payments trickle into their bank accounts. That can force many artists to struggle to afford studio time, graphic design services and all the other necessities to keep their businesses running.

But financial solutions company Lyric Financial wants to change that, by taking aim at musical artists’ working capital problem. In this month’s Faster Payments feature story, Dawn Griffith, director of operations, explained how her company works to provide quick royalty advances to artists worldwide. The solution, she said, rests on ACH transfers, third-party integrations and a digital portal to bring quick processing to requests for advances.

“Artists are pretty much independent contractors,” Griffith noted. “It’s very important to them to have continuous cash flow, but because of the way royalties and distributions are reported, there’s a delay in that processing.”

For the full story, download the Faster Payments Tracker.