Oracle Textura Reaches New Payment Processing Milestone
A cloud payment management system aiding construction companies in optimizing payments while minimizing risks and enhancing productivity is making waves.
Oracle Textura Payment Management has achieved an impressive milestone by surpassing $1 trillion in construction payments processed for subcontractors. This remarkable feat showcases the platform's effective service to a robust network of over 800 general contractors and project owners alongside more than 200,000 subcontractors since its inception in 2006. The system has managed payments across over 120,000 projects, establishing itself as a leader in construction payment management.
According to Tim Nottoli, CIO of Walsh Group, "Oracle Textura has drastically streamlined the process of paying subcontractor invoices. In my everyday life, I no longer write checks; I manage my bills through a banking app. Similarly, Oracle Textura has revolutionized how our project accounting teams accept invoices and issue payments. The Flexibility of the platform and commitment of their customer success team have made the process seamless and enjoyable. With Textura, we’re implementing a secure and standardized payment process across all our projects. It’s been a game-changer."
The Transformation of Construction Payment Processing
Oracle Textura is not merely a payment management tool; it is a comprehensive cloud application designed to assist general contractors, owners, and subcontractors of all sizes to simplify their billing and payment processes. Using this collaborative solution, project participants can accelerate payments, mitigate compliance risks, enhance lien waiver management, and establish more predictable cash flow. On average, the system facilitates an astonishing $16 billion in payments monthly.
Mike Antis, Oracle Textura's global vice president, expressed gratitude toward their customers, indicating, "Our clients' faith in Oracle Textura is what drives us to help them manage this crucial aspect of their operations effectively. Adopting a collaborative payment management system enables construction companies to streamline their payment processes, ultimately fostering the health and growth of their organizations and the industry as a whole. We remain hopeful for our clients' continued success in the upcoming months and beyond."
Unleashing Productivity and Mitigating Risks
Oracle Textura Payment Management enables organizations to boost productivity and improve cash flow by diminishing errors and addressing financial, legal, and reputational risks. With its user-friendly interface, the platform ensures that all participants involved in a project have an accessible means to manage their cash flow efficiently, fostering a more productive environment.
Within the evolving construction landscape, organizations require tools like Oracle Textura to navigate complexities while ensuring timely payments and compliance with regulations. As construction projects grow in size and scope, leveraging such technologies becomes paramount for successful project delivery.
About Oracle Construction and Engineering
Organizations seek out Oracle Construction and Engineering solutions for the visibility, control, and security needed to optimize performance while mitigating risks associated with their processes and projects. With comprehensive cloud construction management software solutions, Oracle empowers teams involved in planning, building, and operating essential assets to improve efficiency, collaboration, and management throughout the entire project lifecycle.
About Oracle
Oracle offers a suite of integrated applications alongside secure, autonomous infrastructure in the Oracle Cloud. Their commitment to innovation showcases a dedication to enhancing business operations across various sectors, driving performance through effective data utilization and secure cloud solutions.
Trademarks
Oracle, Java, MySQL, and NetSuite are all registered trademarks of Oracle Corporation, symbolizing the company's leading role in ushering in the era of cloud computing.
Frequently Asked Questions
What is the main achievement of Oracle Textura?
Oracle Textura has successfully processed over $1 trillion in construction payments to subcontractors.
How does Oracle Textura improve payment processes?
It offers a cloud-based solution that streamlines billing and improves cash flow for construction companies.
Who benefits from using Oracle Textura?
General contractors, project owners, and subcontractors of all sizes can all effectively use Oracle Textura.
What is the monthly payment processing volume of Oracle Textura?
Oracle Textura processes an average of $16 billion in payments each month.
Why is Oracle Textura significant for the construction industry?
It standardizes payment processes, enhances cash flow predictability, and reduces compliance risks across construction projects.
