The Orchard has partnered with global technology company Wise (formerly TransferWise) to offer a faster, cheaper and more streamlined way for music labels to pay artists across multiple countries and currencies.
The solution is being offered through The Orchard’s new Collaborators tool, which enables music labels to digitally split, track and send royalty payments to their artists and collaborators.
From today, any of The Orchard’s labels can access Wise’s cross-border payments, using The Orchard’s Collaborators tool. When using the new feature, a label can select who they wish to pay and opt to automatically convert currencies and send money to multiple artists in a single payment at the mid-market rate.
At launch, labels from 27 countries will be able to send payments using the real exchange rate to their artists in 28 countries, including the US, UK, Japan, and Australia, as well as countries in the Eurozone.
Prashant Bahadur, EVP, head of strategy, The Orchard, said: “This partnership and new offering with Wise focuses on creating new, tech-based solutions that empower creators. Many artists and labels faced challenges in the past that have been remedied by providing a solution to have a cohesive payment system through the Collaborators tool. By integrating the Wise Platform, we are enabling artists to not only get paid more quickly and efficiently, but to keep a greater share of their revenue.”
The platform enables banks, financial institutions and enterprises like Monzo, Bunq, Xero and Google Pay to tap into Wise’s payments network to offer cheaper, faster transfers and payments to their own customers.
Steve Naude, head of product, Wise Platform, said: “We are proud to be teaming up with The Orchard to bring cheaper, faster, more transparent payments to the music industry, and help make royalty payments to The Orchard’s artists as quick and as easy as it is for us to stream music today.
“At Wise, our goal is to build a new global standard for moving and managing money and we believe that easy, convenient and transparent payments should be available to everyone, everywhere. This partnership is one example of how important this mission is, with it helping artists get paid for their work. Working with like minded companies, like The Orchard, brings us closer to realising our vision.”