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Mon. 11 Oct 2021, 8:00am ETBenzinga
In: Fintech, Press Releases

AUSTIN, Texas, Oct. 11, 2021 /PRNewswire/ -- Oracle Textura Payment Management Cloud Service has now been used to manage subcontractor payments on construction projects valuing $1 trillion. This milestone represents work on more than 78,000 projects since Textura first launched in 2006. Today, the system is helping general contractors, owners, and subcontractors of all sizes improve efficiency and mitigate payment and compliance risk by processing approximately $9 billion in monthly payments. Since 2018 alone, the construction value managed on system has doubled from $500 billion to $1 trillion.

"We want to thank our customers for trusting us to help them manage such a critical part of their business."

Oracle Textura Payment Management is a cloud application that helps general contractors, owners, and subcontractors to simplify the billing and payments process. With the collaboration solution, project participants can accelerate payments, mitigate risk, improve lien waiver and compliance management, and make cash flow more predictable.

"Subcontractors are the lifeblood of construction projects, but paying them in a timely fashion is a problem in the construction industry," said Mark Webster, senior vice president and general manager, Oracle Construction and Engineering. "Textura was created to solve this complex issue and today is counted on by thousands of general contractors, owners, and subcontractors. We want to thank our customers for trusting us to help them manage such a critical part of their business. As the digital transformation of the industry continues, we welcome the opportunity to continue strengthening project partner relationships and helping our customers succeed and grow their businesses."

Construction companies count on Textura to make a complex payment process easy

"Because of the efficiency Oracle Textura brings to our payment processes, we've been able to support sustained business growth over the last decade without proportionally increasing accounting resources. The solution scales up easily to handle any number of construction projects, and it also allows our team to handle far bigger volumes of pay apps. That's a huge benefit for us," said Jeff Metcalf, vice president – information systems at Layton Construction Company LLC of Sandy, Utah. "The automation, workflows and controls prevent human errors, stop incorrect billing, and ensure accuracy. The compliance capabilities allow for standardization across projects and produce reliable data."

"We do periodic reviews of our many strategic technology partners. Oracle Textura is the one solution we don't spend much time discussing. Everyone agrees, it's a great product," said George Heacox, vice president - finance, Donohoe Construction Company of Bethesda, Maryland. "From the professional draw packages it helps us produce, to the peace of mind we get from knowing that lien waivers and compliance docs are easily collected, we really appreciate the efficiencies we've gained from working with Oracle Textura."

"What I've always liked about Oracle Textura is the responsiveness of their people, particularly client services," said Glen Anderson, vice president of finance and commercial risk, PCL Construction in Edmonton, Alberta, Canada. "They've given us a consistently excellent customer experience from that first project in Minnesota back in 2008, to developing workflows to help us meet Ontario prompt payment deadlines, supporting Australian requirements for our expansion there, and now into our Quebec environment. We use it on as many projects as we can and both internal and external stakeholders appreciate the transparency and accuracy of the data on projects."

Learn more about Oracle Textura Payment Management Cloud Service and how it helps our customers keep projects – and the construction industry – moving forward.

About Oracle Construction and Engineering

Asset owners and project delivery teams rely on Oracle Construction and Engineering solutions for the visibility and control, connected supply chain, and data security needed to drive performance and mitigate risk across their processes, projects, and organization. Our scalable cloud construction management software solutions enable digital transformation for teams that plan, build, and operate critical assets, improving efficiency, collaboration, and change control across the project lifecycle. www.oracle.com/construction-and-engineering.

About Oracle

Oracle offers integrated suites of applications plus secure, autonomous infrastructure in the Oracle Cloud. For more information about Oracle (NYSE:ORCL), please visit us at www.oracle.com.

Trademarks

Oracle, Java, and MySQL are registered trademarks of Oracle Corporation.

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SOURCE Oracle