October 31, 2018
By William Glanz
This summer, SoundExchange started an international ACH (IACH) program to speed up royalty payments and reduce costs for the thousands of international recording artists and rights owners who receive sound recording performance royalties.
Recording artists and rights owners must be registered members of SoundExchange with an active payable account to receive royalties through the IACH program.
To reach the greatest number of members, SoundExchange is offering this new program to recording artists and rights owners in the three largest markets outside the United States: Canada, the United Kingdom (England, Scotland, Wales and Northern Ireland) and the 19 countries of the Eurozone that use the Euro as their common currency.
The program may be expanded to other countries in the future as SoundExchange navigates the complexities of each country’s banking requirements and regulations.
“This is an important development in our efforts to get money into the hands of recording artists and rights owners faster and more efficiently,” SoundExchange President and Chief Executive Officer Michael Huppe said. “It’s also a very timely project because the number of registered SoundExchange members from outside the U.S. continues to grow.”
People who enroll in the new IACH program are eligible to receive royalties monthly rather than quarterly. The program also helps international registered members avoid hefty check cashing fees.
“That was a major impetus behind development of the IACH program. In too many countries, banks charge exorbitant check cashing fees. This allows music creators to avoid those fees,” Huppe said. “And by eliminating paper, SoundExchange has become a greener organization.”
Those who don’t enroll in the IACH program will continue to receive royalties via check on a quarterly basis.
The program is open to new and current registered members and it is available at no charge.
Those who currently are registered members who want to enroll in the IACH program must fill out and submit a “Direct Deposit Form.” All forms are on the Registration & Membership page of the SoundExchange website. Each region has its own form. Registered members also can call or email for assistance at firstname.lastname@example.org.
New registrants may opt in to the IACH program after they have registered and received a welcome letter confirming they have a payable account.
All royalties will appear on statements in U.S. dollars, rather than in a registered member’s local currency.
Since exchange rates fluctuate, SoundExchange will translate the payment from U.S. dollars to local currency as determined by the exchange rate obtained by our bank. We will post those exchange rates in real-time on SoundExchange Direct.
Registered members can also see the converted payment amount per distribution on SoundExchange Direct.
How It Works
Do you want to enroll in our new International ACH (IACH) program? Here’s what you need to know:
- Only registered members with an active payee account are eligible to have royalties deposited directly into their bank accounts through the SoundExchange IACH program;
- Only registered members in Canada, the United Kingdom (England, Scotland, Wales and Northern Ireland) and the 19 countries of the Eurozone are eligible;
- Registered members who want to enroll in the IACH program, must fill out and submit a Direct Deposit Form in PDF format. Forms for each of the three regions are on our Registration & Membership page. Each region has its own form;
- Registered members also can call or email for assistance. If you have any questions, please call us at (1-800) 961-2091 during business hours or email us at email@example.com;
- You can return the completed PDF by email to firstname.lastname@example.org, by fax to 202-640-5859, or by mail to:
733 10th St. NW, 10th Floor
Washington, D.C. 20001
- Forms can be completed by a registered member or by a registered member’s Authorized Signatory.
Remember, SoundExchange can only send money to an account if the name on the bank account matches the name on the SoundExchange payee account. If an IACH deposit fails to go through, royalties will be delivered via check as part of SoundExchange’s quarterly distribution.