US$1 trillion construction milestone for Oracle
By Andy Brown12 October 2021
Oracle Textura Payment Management Cloud Service has revealed that it has been used to manage subcontractor payments on construction projects valuing US$1 trillion.
This milestone represents work on more than 78,000 projects since Textura first launched in 2006.
The system is used by general contractors, owners, and subcontractors of all sizes improve efficiency and mitigate payment and compliance risk by processing approximately US$9 billion in monthly payments.
Since 2018 alone, the construction value managed on the system has doubled from US$500 billion to US$1 trillion.
“Subcontractors are the lifeblood of construction projects, but paying them in a timely fashion is a problem in the construction industry,” said Mark Webster, senior vice president and general manager, Oracle Construction and Engineering.
“Textura was created to solve this complex issue and today is counted on by thousands of general contractors, owners, and subcontractors... As the digital transformation of the industry continues, we welcome the opportunity to continue strengthening project partner relationships and helping our customers succeed and grow their businesses.”