Oracle Textura Payment Management Cloud Service has reached a new milestone by processing over $1 trillion in construction-related payments since its launch in 2006. This achievement encompasses more than 120,000 projects managed by 800 general contractors and project owners, involving over 200,000 subcontractors.
A Transformative Shift in the Construction Industry
Oracle Textura has revolutionized the way construction companies manage their payments. The system enables contractors, owners, and subcontractors to streamline billing and payment processes, reducing risks and improving cash flow predictability.
Tim Nottoli, CIO of the Walsh Group, commented: “Oracle Textura has immensely modernized the process by which we pay our subcontractors. In my personal life, I no longer use checks to pay; I do it through a banking app. Oracle Textura has achieved something similar for our accounting teams, creating a standardized, secure, and efficient process for receiving invoices and issuing payments.”
Currently, Oracle Textura manages an average of $16 billion monthly in payments, offering key benefits such as:
- Accelerated Payments: Reduced processing times.
- Compliance Risk Management: Improved handling of lien waivers and regulatory compliance.
- Simplified Collaboration: Fosters greater productivity among project participants.
Positive Impact on the Industry
Mike Antis, Global Vice President of Oracle Textura, emphasized: “This achievement reflects our clients’ trust in Oracle Textura to manage a vital aspect of their operations. By adopting this solution, construction companies not only streamline their processes but also contribute to the overall growth of the sector.”
The use of Oracle Textura has enabled companies to:
- Reduce administrative errors.
- Mitigate financial, legal, and reputational risks.
- Improve collaboration between contractors and subcontractors.
Digital Transformation in Construction
The success of Oracle Textura reflects a broader trend towards digitalization in the construction industry. Through cloud solutions, Oracle Construction and Engineering enables teams to plan, build, and operate critical assets more efficiently and securely. This is essential in a sector facing challenges related to managing large projects, connected supply chains, and data security.
A Path Toward the Future
The adoption of Oracle Textura by leading construction companies not only underscores the importance of digital solutions but also the need for more efficient and collaborative standards within the industry. With a robust cloud infrastructure and a focus on continuous improvement, Oracle continues to position itself as a key player in the transformation of the sector.
About Oracle
Oracle is a global leader in integrated application solutions and autonomous, secure cloud infrastructure. Its products drive digital transformation across key sectors such as construction, engineering, and finance. With over 40 years of experience, Oracle continues to lead the way toward a more connected and efficient digital future.