Software

Oracle Textura System Now Hits $1 Trillion Milestone

Payment service has been used on more than 78,000 projects.

Updated on

October 13, 2021

payment system — A cloud application concept. PHOTO | FILE

Oracle Textura Payment Management Cloud Service has hit a major milestone after being deployed to manage subcontractor payments for construction projects valuing $1 trillion.

The payment service, which has been used on more than 78,000 projects, is helping owners, contractors, and subcontractors to process about $9 billion in monthly payments.

Launched in 2006, Textura is a cloud application that helps the construction industry to accelerate payments while mitigating risk, improving cash flow and productivity, and ensuring smooth flow of projects.

Mark Webster, senior vice president at Oracle Construction and Engineering, said Textura has helped to solve a key problem in construction: inability to pay subcontractors on time.

“Oracle Textura was created to solve this complex issue and today is counted on by thousands of general contractors, owners, and subcontractors,” he said in a press release.

The construction value managed on Oracle Textura has doubled from $500 billion to $1 trillion in the last three years as more companies seek to enhance their payment processes.

According to Layton Construction Company LLC of Sandy, Utah – one of Oracle Textura’s dedicated users, the efficiency of the service has enabled the company to support sustained business growth over the last decade without proportionately growing 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 the company.

“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.”

Another customer, George Heacox, vice president – finance, Donohoe Construction Company of Bethesda, Maryland, said everyone in his company agrees Textura is a great product.

“From the professional draw packages that 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,” he said.