The Textura Solution is Web-based construction payment management software that automates the invoicing, lien collection and payment processes. Users need only a Web browser and Adobe Acrobat Reader to use the application, the vendor said.

Once a general contractor implements The Textura Solution, he then invites subcontractors, suppliers and, if necessary, architects and engineers to submit invoices through a secure email. Once the invoice is submitted, this construction payment management system then generates an order, which is sent to the contractor for approval. When the order is approved, it is then sent to the project owner for approval.

Meanwhile, once a subcontractor has signed an invoice, The Textura Solution will generate a waiver that is then held in electronic escrow and sent to the contractor 72 hours after the invoice has been paid. (Textura said it plans to introduce functionality allowing contractors to gather sub-tier waivers, which has been in high demand as companies become increasing cautious with their finances.)

This construction payment management system also automatically tracks compliance documents such as insurance contracts and other certificates; general contractors receive email reminders when these documents are due to expire, the vendor said.

Finally, The Textura Solution offers an executive dashboard that lest owners view their entire project portfolio, assess each project against financial criteria such as paid to date, forecast, variance, and set thresholds and alert levels.