FORT MYERS, FL, Oct. 17, 2023 (GLOBE NEWSWIRE) — TessPay (“the Company”), developer of a supply chain finance financial technology (“FinTech”) platform (the “Platform”) that utilizes blockchain technology to provide payment assurance and liquidity through a supply chain, today announced the introduction of its Platform, which the Company believes is at the forefront of funding providers participating in the U.S. Government’s Affordable Connectivity Program (the “ACP”). Management believes the Platform is poised to redefine the dynamics of financial access within the ACP.
According to the Federal Communications Commission (“FCC”)*, millions of people across the U.S. still lack access to reliable high-speed internet. The ACP is a $14.2 billion FCC benefit program aimed at increasing access to affordable broadband connectivity for eligible low-income households in the U.S. *Source: https://www.fcc.gov/acp
“By providing the financial infrastructure and support that providers need, TessPay is at the forefront of ensuring that the ACP’s mission isn’t just a vision, but a sustainable, actionable plan. We believe that this is a game-changer, particularly for providers who might face cash flow challenges. As our program continues to expand and evolve, we believe TessPay will be instrumental in providing a more connected future for all,” commented Jeffrey Mason, TessPay’s Chief Executive Officer.
Building a Sustainable Future for ACP
TessPay’s Platform not only streamlines transactions, but also instills trust and efficiency into the ACP. By offering financial infrastructure and support, TessPay are seeking to transform the ACP’s vision into a sustainable reality. Partnerships with participating providers under the ACP are pivotal for the program’s success, propelling a more connected future for all as it expands and evolves.
Traditionally, the process of settling ACP claims would involve waiting until the end of the following service month. However, using TessPay’s Platform, providers can now sell their accounts receivable from the U.S. Government to a third party at a discount, ensuring they have the necessary liquidity to continue their operations and grow their subscriber base.
How TessPay is Revolutionizing the ACP Claims Process
TessPay’s Platform offers tailored solutions for both of the following:
Device Financing: Before the monthly billing process begins, there is an immediate need to provision devices. TessPay’s Platform facilitates swift advances to cover these upfront costs, ensuring subscribers get their devices without delay.
Handling Monthly Recurring Charges: A steady and predictable cash flow is paramount for any service provider. By offering on demand advances, TessPay aims to ensure providers can maintain seamless service without the stress of month-end settlements.
TessPay is an innovative FinTech firm that has been focused on disrupting the payment landscape since its inception in 2017. The Company has developed 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.