#United States #New York #Visa #Lumanu #Creator Payments

Lumanu and Visa Unite to Revolutionize Creator Payments

In a groundbreaking development, Lumanu, a global payments and compliance platform tailored for the creative economy, has announced its partnership with Visa, a leader in digital payments. This collaboration aims to reshape the way creators and contractors across 195 countries receive their payments. With the integration of Visa Direct, Lumanu is set to provide rapid and secure transactions, addressing a long-standing issue within the creator economy.

The Challenge of Creator Payments

As the creator economy surges beyond a staggering $250 billion, the payment infrastructure that supports it remains antiquated. A recent investigation by Campaign uncovered that approximately 87% of creators have experienced delays in payments, often waiting anywhere from 60 to 180 days to receive compensation for their work. Such delays are attributed to outdated enterprise payment systems and cumbersome approval processes that burden both creators and agencies.

Tony Tran, CEO of Lumanu, highlighted the inherent friction between marketing and financial controls as a critical barrier. "While marketing operates at a rapid pace, the finance department needs to ensure strict tracking and compliance for every transaction. This tension often results in frustration and delays," he explains. Lumanu's mission is to alleviate these pressures, enabling marketers to engage with their preferred creators without compromising financial oversight.

Simplifying the Payment Process

Typically, agencies find themselves in a difficult position, managing cash flow while facing reputational risks when creators don't receive timely payments. Lumanu’s innovative approach allows brands to fund a special bank account, which Lumanu manages for onboarding, compliance, and real-time disbursements to creators.

With the addition of Visa Direct, Lumanu can facilitate cross-border payments directly into creators' local bank accounts, eliminating unnecessary intermediaries, foreign exchange fees, and delays. This integration promises to ensure that more of the funds allocated for creators reach them quickly and transparently.

Empowering Creators with Transparency

Mark Nelsen, Visa's Global Head of Product, stated, "Visa is deeply committed to empowering creators who represent the new wave of entrepreneurship. Our partnership with Lumanu actualizes this vision, making international payments more efficient for creators and small businesses alike." Furthermore, Tran emphasized the importance of establishing a solid foundation for payments, asserting that creators should not have to chase their invoices or question their payment timelines.

An Industry Shift Towards New Standards

This collaboration is garnering attention for setting a new benchmark in how payments are processed within the creative sector. Renowned brands and agencies, such as Warner Music Group and WPP, have praised Lumanu’s ability to streamline payment processes and enhance financial transparency.

Dustin Elliot, VP of Marketing Ops at Warner Music Group remarked, "We wouldn’t be able to scale our creator partnerships without Lumanu. They resolved the persistent headaches related to vendor compliance, allowing for instant payments to creators while providing our finance teams with the visibility they need."

Moreover, Mae Karwowski, CEO of Obviously, a WPP agency, commended Lumanu's platform for addressing the unique demands of both finance and marketing teams, a vital aspect in an era of rapid change within the creative economy.

A Future Built on Trust and Efficiency

This partnership not only emphasizes Lumanu’s dedication to transforming the financial infrastructure for creators, but it also demonstrates the potential for significant industry-wide enhancements. By ensuring swift, secure, and transparent payments, Lumanu and Visa are paving the way for a more efficient and accessible financial landscape in the creative economy.

For those interested in further insights into Lumanu and its offerings, visit www.lumanu.com.

In summary, Lumanu and Visa are not just aiming to fix a broken system; they are redefining how payments work within the creative sector, ensuring that creators are compensated fairly and promptly for their invaluable contributions.