In this episode, Lori Schwartz, Global Head of Treasury Services at J.P. Morgan Payments, is joined by Brooke Tilton-Foley, Vice President of Treasury Operations at Paramount, to discuss the unique financial challenges of the movie production industry. They dive into the intricacies of managing global payments, liquidity, and vendor relations across dynamic film locations. Brooke shares insights into how Paramount’s treasury team ensures smooth financial operations, from using petty cash for on-site expenses to leveraging J.P. Morgan Payments technology for seamless global transactions. They also discuss future trends in electronic payments, the importance of strong banking partnerships and Brooke’s approach to mentorship and diversity within the finance industry.
In this episode, Lori Schwartz, Global Head of Treasury Services at J.P. Morgan Payments, is joined by Brooke Tilton-Foley, Vice President of Treasury Operations at Paramount, to discuss the unique financial challenges of the movie production industry. They dive into the intricacies of managing global payments, liquidity, and vendor relations across dynamic film locations. Brooke shares insights into how Paramount’s treasury team ensures smooth financial operations, from using petty cash for on-site expenses to leveraging J.P. Morgan Payments technology for seamless global transactions. They also discuss future trends in electronic payments, the importance of strong banking partnerships and Brooke’s approach to mentorship and diversity within the finance industry.
Disclaimer: The views and opinions expressed herein are those of the author and do not necessarily reflect the views of J.P. Morgan, its affiliates, or its employees. The information set forth herein has been obtained or derived from sources believed to be reliable. Neither the author nor J.P. Morgan makes any representations or warranties as to the information’s accuracy or completeness. The information contained herein has been provided solely for informational purposes and does not constitute an offer, solicitation, advice or recommendation, to make any investment decisions or purchase any financial instruments, and may not be construed as such.
Sources:
“Founded in 1912, Paramount Pictures has produced some of the most iconic films of the 20th and 21st centuries, including The Godfather, Titanic and Mean Girls.”1
(Bob Roath Head of Production Finance. Interview by J.P. Morgan Payments, December 19, 2023)
-“In 2023 alone, its films generated $2 billion at the global box office and delivered five No. 1 debuts at the domestic box office.”2
Paramount Global. (2023, May 4). Paramount Reports First Quarter 2023 Earnings Results.
Additional Resources:
Brooke Tilton-Foley’s LinkedIn
Paramount Pictures streamlines global payments with J.P. Morgan Payments
Narrator (00:01):
Welcome to Pay It Forward, a podcast by J.P. Morgan Payments for J.P. Morgan Payments. Get to know our business and gain a better understanding of where we sit at the intersection of technology and finance. Did you know we move nearly $10 trillion globally each day through over 170 countries and 120 currencies at more than 5,000 transactions per second? Join us as we take you inside the stories, technology and people that make it all happen.
Lori Schwartz (00:38):
Hi everyone. I'm Lori Schwartz, Global Head of Treasury Services at J.P. Morgan Payments and your host for today's episode. Here with me today to dive into the exciting world of movie production is our guest, Brooke Tilton Foley, Vice President of Treasury Operations at Paramount. Thanks for joining us, Brooke.
Brooke Tilton Foley (00:57):
Thanks for having me, Lori. I'm excited to be here.
Lori Schwartz (00:58):
For those that may not be aware, Paramount Pictures has produced some of the most iconic films of the 20th and 21st centuries, including The Godfather Titanic and my personal favourite mean girls. (1) In 2023 alone, Paramount's films generated $2 billion at the Global Box office and delivered five number-one debuts at the domestic box office. (2) Super impressive. In our discussion today, we'll cover how payments drive global movie funding and streamline the financial processes of production, distribution and box office success. So let's dive in. Film production has some unique attributes. Can you walk us through the production workflow specifically and when it interacts with banking services and specifically payments?
Brooke Tilton Foley (01:46):
Yeah, so film production while super exciting, brings challenges to a typical cash management process. Unlike other businesses, we aren't in one location very long. Think about it. If you're watching Mission Impossible, you see them go to Dubai, jump up a building there, and then they go to Italy and run around Venice, Morocco and Norway. Film crews are onsite in all of these locations all within a short time period. We need to have payment systems, accounts, petty cash facilities and liquidity ready to support filming anywhere in the world. It's all about problem solving. Some of your more experienced treasury people listening to this may have crossed their eyes when they said we use petty cash, but that's another unique aspect of the film production business. It's still reliant on cash and in the US gasp checks. So our vendors range from small businesses in catering and costume rentals to larger video production facilities. So we need to be able to pay them all in the way they want to be paid.
Lori Schwartz (02:39):
That's super important, right? Pay them in the way they want to be paid all over the world, in all the deep places that you film, making payments by all different payment mechanisms all over the world, all different currencies. I would imagine that when you're choosing a banking provider, it's a pretty important relationship you're investing in.
Brooke Tilton Foley (02:58):
It absolutely is.
Lori Schwartz (03:00):
Can you talk a bit about the important attributes that you consider?
Brooke Tilton Foley (03:04):
Yeah. I think there are really two main differentiators among banks. From a treasury perspective, first and bottom line payments need to be in a highly controlled and reliable environment. Without that, we can't operate
Lori Schwartz (03:18):
Safety first.
Brooke Tilton Foley (03:19):
Yes. And that's really supported by the bank's technology, which it has to be able to meet our needs. And we have a lot of needs as production people. So as the teams are filming in different locations, it's important to have consistent technology platforms so they don't have to learn new systems, make up new passwords, get new soft tokens, and learn a new portal at each location they go to. Our teams need to be able to seamlessly pay in multiple currencies. Again, meeting our vendors where they are and maintaining those vendor relationships. And in the film industry, approvers aren't always sitting at a desk. They can be anywhere. We need to be able to prove payments remotely and on the go and last, these payments and transactions, they need to be reported, administered, and monitored centrally. So treasury, my team can ensure liquidity controls and manage the FX hedging process. The other big differentiator is the bank's ability to get bank accounts open quickly. We have a very short time between Greenlight and people being on location who need to make payments immediately. We can't wait a month for an account to be operational. This is where our strong banking partnerships come into play.
Lori Schwartz (04:25):
Speed matters 100%. So you spoke a bit about some of the differentiators that go into your mind and your team's mind when picking a banking provider. Now, I dare ask, how is J.P. Morgan stacking up?
Brooke Tilton Foley (04:38):
Well, first of all, the account access platform is easy to use and easy to administer. Treasury. My team can essentially implement controls like dual approvals and reset passwords. Teams can make payments in 120 currencies wherever they are using a single platform, a single password, and a single token. J.P. Morgan is
regularly asking for the voice of the customer to improve this access platform. This is evident and the changes and updates you are making, I can see it happen. As I suggest something, I see it move into production, which is amazing from my point of view, from being the customer. And J.P. Morgan is above all streamlined the KYC in account opening process. This is very important because without that bank account and the territory and currency I need, we can't even begin to fill. Don't get me wrong, there's a lot of work we can still do, but J.P. Morgan is a leader in this area. And last, it's all about relationships. Our support teams at J.P. Morgan are outstanding. They make my job easier because they just get things done.
Lori Schwartz (05:37):
Oh, that's fantastic to hear. And I'll make a personal note of positive feedback on a KYC process brings us no short amount of joy. But you touched on something that is increasingly important, I think collectively, right? For us as financial services providers for Paramount and other companies as users, which is co development, right? We're very clear on where we are today, but the future is coming and even many ways even quicker than we've been used to it in the past. So as we think forward to those future trends, how do you foresee those coming to life in the entertainment finance space?
Brooke Tilton Foley (06:12):
So honestly, anything that allows us to pay vendors faster without impacting daily liquidity would improve our relationship with our vendors. We need to be able to pay some people like the caterers and the hairdressers or the customers quickly and still manage to have liquidity in our bank accounts. I would also love to see the adoption in the US of electronic payments in the elimination cash. Most of us use Zelle and Venmo and our personal lives. So I think that the culture people are getting more comfortable with sending and receiving these types of payments internationally, we pay almost entirely electronically, but in the US it's still a real cultural issue. There's some fintechs that are solving the problem for us today and trying to change the status quo, but I think changing that paper mentality and offering a secure customer-focused payment solution is really the future.
Lori Schwartz (06:59):
The progression from cash and check to electronic is something we've been on a mission for some time, and I think the cultural trends you refer to are absolutely at the fore. So fingers crossed for the way forward, but you've got the audience of the entire J.P. Morgan payments community. What solutions beyond what you've kind of talked us through already will enhance the payment processes for you in particular, and how can we continue to make your future productions even more streamlined?
Brooke Tilton Foley (07:27):
I think that really J.P. Morgan partnering with us and our customers to get them on board with these platforms and these payment mechanisms that we can pay people electronically in the US is really the future and we can't do it alone. And it's a cultural shift in our industry.
Lori Schwartz (07:45):
That's a great point. Customer adoption and driving the industry, we can do it together. Yes. Fantastic. Brooke, for our listeners who may not be as familiar, could you tell us a little bit about your role and what it entails?
Brooke Tilton Foley (07:58):
Sure. I don't think anyone grows up and goes to college and wants to work in treasury. Most of us just fall into the role and stay because we love the challenges. I've been with Paramount Global for 26 years, moving into the treasury team. In 2006 when the company split into CBS and Viacom in 2020, the companies came back together and we had to transform the treasury operations team. For the entire time I've been there, I've supported Paramount Picture's business unit and the unique requirements, the location filmmaking in addition to our TV studios, the day-to-day of a treasury operations person is problem solving To make sure everything, especially payments run smoothly. We have to ensure liquidity, operational readiness of bank accounts, and that the tech can support the business.
Lori Schwartz (08:41):
I love that problem solving. It's its own version of being a superhero. Maybe it'll give me a cape. We'll work on that one. So Brooke, fantastic insights into your role within treasury operations. Turning to a bit more of the softer side of things, you're clearly a female in the industry. That's accomplished a lot. Can you talk to us a bit about how you pay that forward, your approach to diversity within the workplace and cultivating female talent?
Brooke Tilton Foley (09:10):
Yeah, I think that when I started out in finance and treasury, I said yes to everything. Somebody needed something done, yes, I'll do that. Yes, I'll do this. And while it gave me a great wealth of experience and knowledge and I met a lot of really smart, interesting, wonderful people to work with, it was a lot. And I think that at some point in your career, working hard isn't as important as the people that you know, the
relationships that you build and really having that mentorship up and down. I think it's just, it's important to have mentees and people that you're talking to coming up through the organisation to learn from as it is to have somebody mentor you. So that's really my recommendation. Absolutely say yes to everything, but understand that you need to have sponsors and mentors as well.
Lori Schwartz (10:01):
I love that it is a people business at the end of the day and being able to both embrace that relationship as a mentee and then ultimately becoming a mentor is a fantastic thing to do. So now probably the most important question we will have asked today, what is your favourite movie of all time? And remember being
Brooke Tilton Foley (10:22):
Allowed to stay up late and snuggling in my strawberry shortcake sleeping bag in the family room, shag carpet, and watching The Wizard of Oz each year. It was only on once a year then. So it wasn't like I could watch it at any time I want like I can now. So that has to be it. But I also think as an adult and a woman in finance, that the message behind it is really important. You already have the courage and the brave and the heart to achieve your dreams. You just have to learn to rely on yourselves.
Lori Schwartz (10:48):
I love that. And the Ruby slippers,
Brooke Tilton Foley (10:50):
As long as you have
Lori Schwartz (10:51):
Good shoes
Brooke Tilton Foley (10:51):
Right
Lori Schwartz (10:53):
You can conquer the world with good shoes and focus. What is your favourite movie?
Brooke Tilton Foley (10:58):
Sorry, I popped that on you.
Lori Schwartz (11:01):
I don't know. I have a good one. So I'm going to stick with mean girls. Okay. For a variety of other different reasons. Well, this has been super fun, very insightful. Thank you so much for joining us today, Brooke.
Brooke Tilton Foley (11:14):
Thank you for having me. I had fun.
Narrator (11:17): Thank you for tuning in to Pay It Forward. A podcast by J.P. Morgan. Payments for J.P. Morgan payments. Stay up to date on the latest stories, technology and people powering payments by subscribing on Spotify, apple podcasts, or your favourite podcast platform. Keep pushing boundaries and we'll keep moving the payments world forward. One transaction at a time.
Sources:
“Founded in 1912, Paramount Pictures has produced some of the most iconic films of the 20th and 21st centuries, including The Godfather, Titanic and Mean Girls.”1
(Bob Roath Head of Production Finance. Interview by J.P. Morgan Payments, December 19, 2023)
-“In 2023 alone, its films generated $2 billion at the global box office and delivered five No. 1 debuts at the domestic box office.”2
Paramount Global. (2023, May 4). Paramount Reports First Quarter 2023 Earnings Results.