Source: GlobeNewswire (MIL-OSI)
Company’s Cutting Edge Advanced Technology Empowers Communities Under the Affordability Connectivity Program (ACP) – Jan, 17th2024
FORT MYERS, FL, Jan. 17, 2024 (GLOBE NEWSWIRE) — TessPay Inc., (the “Company” or “TessPay”), developer of a fintech platform for securing and streamlining financial transactions that utilizes blockchain technology to provide payment assurance and liquidity through a finance supply chain, today announced significant enhancements to its blockchain-based platform. These upgrades are set to bolster support for service providers participating in the U.S. government’s Affordable Connectivity Program (“ACP”), underscoring TessPay’s commitment to expanding financial access through the initiative.
The ACP is a Federal Communications Commission (“FCC”) sponsored initiative designed to facilitate affordable access to essential broadband services, ensuring that households can meet their connectivity needs for work, education, healthcare, and more. As reported by the FCC, there are persistent gaps in high-speed internet access across the U.S., impacting millions. The ACP, with a budget of $14.2 billion, is dedicated to addressing this digital divide and fostering connectivity for low-income households.
“At TessPay, we envision a future where connectivity is not a luxury but a universal right. We are dedicated to providing a robust financial infrastructure and support the ACP’s objectives to alleviate financial burdens for providers, paving the way for a more interconnected future. Through innovation and strategic initiatives, we strive to bridge gaps, empower communities, and lead the charge toward a more connected and equitable world,” said Jeffrey Mason, CEO of TessPay.
Enhancing ACP’s Infrastructure
The upgraded TessPay platform is engineered to simplify ACP-related transactions, instilling a greater degree of trust and operational efficiency. This technological advancement is key to transforming the ACP’s ambitious vision into a tangible and enduring reality, backed by robust financial support and strategic partnerships.
Traditionally, the settlement of ACP claims has been hampered by delays. With TessPay’s improved platform, providers can expedite the sale of their government receivables, securing essential funds for sustainable operations and expanding their consumer base.
Revolutionary ACP Claims Management
TessPay’s platform now automates and streamlines:
- Device Financing: The system swiftly processes advances to cover the initial costs of internet access devices, ensuring timely distribution to subscribers.
- Monthly Recurring Charges Management: The platform’s on-demand financial advances are crucial for uninterrupted service provision, simplifying financial management for service providers.
TessPay and ACP Providers
The ACP’s mission to provide high-speed internet to underprivileged U.S. households is further empowered by TessPay’s platform. The platform’s efficient processing of ACP claims accelerates funding for essential services, including device procurement and recurring charge management. Providers benefit from regular financial advances, fostering the growth and expansion of their subscriber networks.
TessPay is an innovative fintech firm that has been focused on disrupting the payment landscape since its inception in 2017. The Company has developed a supply chain finance platform (the “Platform”) that utilizes blockchain technology to provide payment assurance and liquidity through a supply chain. The Platform makes use of smart contracts, as programmatic representations of the terms of a legal contract between the supply chain parties, to affect automated settlements (account balance computations) to supply chain participants. The Platform is intended to offer security to permit lender funding, increased payment confidence, fraud mitigation and transparency throughout each step of every supply chain finance transaction for wholesale telecom carriers and for telecom companies acting as providers in the FCC’s ACP. In major commercial construction projects, the Platform deploys smart contracts to connect funders, developers, and general contractors through to subcontractors and suppliers. Through the use of the smart contracts, the executable elements of each contract are tracked through the Platform and assembled in a structure that permits the system to ensure that only contracted amounts can be approved, and paid, without error or duplication. As a testament to our commitment to innovation, transparency, and security in the fintech world, our mantra is simple: Choose TessPay, Choose Growth.
Statements in this press release about future expectations, plans, and prospects, as well as any other statements regarding matters that are not historical facts, may constitute “forward-looking statements.” Words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would” or similar terms, variations of such terms or the negative of such terms are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Although the TessPay believes that the expectations reflected in the forward-looking statements are reasonable, TessPay cannot guarantee such outcomes. TessPay may not realize its expectations, and its beliefs may not prove correct. Actual results may differ materially from those indicated by these forward-looking statements as a result of various important factors, including, without limitation, market conditions. All such statements speak only as of the date made. Consequently, forward-looking statements should be regarded solely as TessPay’s current plans, estimates, and beliefs. Investors should not place undue reliance on forward-looking statements. TessPay cannot guarantee future results, events, levels of activity, performance or achievements. TessPay does not undertake and specifically declines any obligation to update, republish, or revise any forward-looking statements to reflect new information, future events or circumstances or to reflect the occurrences of unanticipated events, except as may be required by applicable law.