In the blog titled “Eight issues that should be top of mind when considering a construction payment management solution,” we discussed the importance of trusting that the organization you choose to do business with will be there for the long haul. Let’s take a deeper dive into that aspect of selecting a solution.
Security, reliability, performance, and expertise are essential alongside capabilities such as workflows, invoicing, compliance, and disbursement. A wrong decision means the solution won’t scale when you need it to support your business’ growth strategy. It also means worrying about potential data or payment security. With Oracle Textura, part of the Oracle Smart Construction Platform, you get Oracle’s world-class technology stack, database, infrastructure, and security plus the peace of mind that comes from knowing Oracle Textura, backed by the power of Oracle, has been reliably delivering this service at scale for years.
As Doug Myers, executive vice president and chief information officer at Suffolk, says in this blog:
“Partnering with Oracle Textura Payment Management and integrating the technology into our ecosystem was one of the more important steps we have taken in recent years to bolster our security capabilities."
Let’s dive in.
The solution you choose should of course include all the core capabilities: streamlining the workflows and automating the processes; managing lien waivers and compliance; electronic payment; reporting; ERP integration; and solid support and enablement for everyone, whether it’s an owner, general contractor, or subcontractor.
But don’t just look for features. You should also consider the organization and the solution it is offering in terms of experience in the market and its road-tested ability to handle scale as your business grows.
Oracle, founded in 1977, continuously invests in growth and innovation. Oracle was recently ranked by Fortune at No. 4 on the list of America’s Most Innovative Companies, which honors the 300 companies transforming industries from the inside out. One need only look at the latest financial report to see Oracle’s continued leadership.
Oracle Textura has been in the construction payment management business for almost two decades and has the track record to show for it. In the last 12 months we’ve processed well over 1.1 million individual ACH transactions and more than $146 billion in payments, including almost $12 billion in March 2023.
As Samantha Cook, chief financial officer at Brinkmann Constructors, told us in this blog:
“Oracle Textura is well known and embedded in the industry. Others will promise you all these cool tools, but it’s Oracle Textura that delivers it all.”
Next, consider the application itself. Oracle Textura is built on Oracle’s state-of-the-art technology stack including Oracle Database. Oracle Database’s market-leading performance, scalability, reliability, and security are all benefits that flow to our customers.
With Oracle Textura, application data is encrypted in transit and at rest. The application supports single sign-on. Customers can review changes to their organization, account information, login attempts, audit activity, multifactor authentication, and user profile changes. Automatic notifications are sent to administrators when bank information is changed with an option for general contractor to automatically set payment holds. Subcontractors manage their own banking profile. Additionally, ACH transactions are processed without relying on third parties.
Sarah Murray, vice president of Wood Partners says:
“With Oracle Textura, we appreciate the fact that we could pay subcontractors electronically without our company being responsible for maintaining their banking information. Subcontractors are responsible for their own banking information, and that avoids a potential security issue for us.”
And Jennie Robison, controller for KBD Group adds:
“We were in search of a solution that provided the banking process and security procedures in place, and Oracle Textura fulfilled that requirement. And that was very important to us.”
Oracle deploys Oracle Textura on Oracle Cloud Infrastructure (OCI).
Oracle recommends that cloud customers analyze their cloud strategy to determine the suitability of using cloud services in light of their legal and regulatory compliance obligations. You can find the Consensus Assessment Initiative Questionnaire (CAIQ) for Oracle Textura Payment Management Cloud Services here.
Developed by the Cloud Security Alliance, the Cloud Assessment Initiative Questionnaire (CAIQ) provides a standard template for cloud services provider to accurately describe their security practices. The CAIQ format is largely based on the Cloud Controls Matrix (CCM), which lists a set of fundamental cloud controls. The use of CAIQs allow customers to review the security practices of their cloud services providers to determine the risks associated with the use of these services. Additional information about the CCM and CAIQ can be found on the Cloud Security Alliance site and downloaded at https://cloudsecurityalliance.org/research/artifacts/.
Oracle Corporate Security Practices are multidimensional, encompassing how the company develops and manages enterprise systems, and cloud and on-premises products and services.
Encompassing every phase of the product development lifecycle, Oracle Software Security Assurance (OSSA) is Oracle’s methodology for building security into the design, build, testing, and maintenance of its products, whether they are used on-premises by customers or delivered through Oracle Cloud. Oracle’s goal is to ensure that Oracle’s products help customers meet their security requirements while providing for the most cost-effective ownership experience.
Selecting a payment management solution takes time and research on your part. It’s crucial to look for a company with a proven track record, unparalleled technology, and airtight security that scales along with your business needs that will provide you with the solution you need now and well into the future.
The Oracle Smart Construction Platform combines our industry-trusted applications with a common data environment and an ecosystem of partners to help owners and delivery teams work together and continuously improve performance. The platform connects teams and data, synchronizes work, and empowers individuals to make informed, proactive decisions. Power performance with proven Oracle Construction and Engineering solutions for scheduling, portfolio management, construction project management, project controls, construction payment management, and more.
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Lucie is an experienced technology marketing professional with a current focus on payment and cost-related products in Oracle's construction and engineering global business unit. At Oracle, her work in product marketing is centered on customer engagement and creating the right content to support our customers.
She has over 20 years experience in engineering, product management, marketing, project management, and sales. She holds a BS in Electrical Engineering and an MBA, from McGill University, Montreal, Canada, and can be found most nights at the dance studio, prepping for her next ballroom competition.