We have some exciting news to share on the construction payments innovation front: Oracle Textura Payment Management Cloud Service since its inception has now been used to manage subcontractor payments on projects representing more than $500 billion in construction value.
By streamlining, automating, and standardizing payment management activities—including invoicing, compliance management, approvals, lien waiver collection, and disbursement—Oracle Textura Payment Management helps improve payment outcomes and enable organizations to scale operations for growth. General contractors, subcontractors, and project owners/developers can all benefit from increased productivity, reduced risk, and improved communication across stakeholders from the application, which was launched in 2006.
“Our customers rely on Oracle Textura Payment Management to improve efficiency, enhance visibility, mitigate risk, and improve cash flow,” said Mike Sicilia, general manager, senior vice president, Oracle Construction and Engineering. “Reaching this milestone is a testament to the value our application brings to the industry.”
The $500 billion in construction value represents a significant number of projects, documents, and payments that Oracle Textura Payment Management has been used to manage since its launch: