Payment management in the construction industry has long been plagued by disjointed, paper- laden and manual processes. Inefficient and costly, this unwieldy traditional approach also exposes project participants to potentially damaging risks. To address this problem, Oracle Construction and Engineering is now offering the Oracle Textura Payment Management Cloud Service. Part of Oracle’s recent acquisition of Textura, the cloud collaboration solution improves payment outcomes for general contractors, subcontractors, and project owners/developers.
The solution streamlines and automates payment management by digitally integrating key activities—including billing, lien waiver collection, progress claims, statutory declarations, sub-tier waivers, compliance management and electronic payments—into collaborative online workflows. Benefits include increased efficiency, greater visibility, enhanced control, and improved cash flow.
Lien Waiver Improvements
Oracle Textura Payment Management facilitates the secure, digital exchange of lien waivers for payment. Contractors can easily track all lien waivers, including sub-tier lien waivers, to gain full visibility into these critical documents. General contractors can communicate real-time status to all parties, and automated payment holds prevent payments if appropriate waivers have not been received.
Oracle Textura Payment Management integrates with most major enterprise resource planning (ERP) systems to ensure a seamless flow of data across financial systems to optimize payment processes. The integration automates data exchange and eliminates the manual import and export of information between systems for contracts, change orders, compliance status, invoices, payments, and draw documents.
The solution also enables general contractors to offer optional early payments to subcontractors in exchange for a modest fee. By accelerating payments and providing predictable payment timing, the cloud application addresses critical cash flow and working capital challenges for subcontractors.
Download a white paper to learn more about payment challenges in construction and how Oracle Textura Payment Management can help.