TessPay, a FinTech company specializing in blockchain technology for secure financial transactions, has upgraded its platform to boost access to affordable connectivity.
These enhancements aim to support service providers participating in the U.S. government’s Affordable Connectivity Program (ACP), which seeks to bridge the digital divide and provide affordable access to broadband services, the company said in a Wednesday (Jan. 17) press release.
“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,” TessPay CEO Jeffrey Mason said in the release.
The ACP, sponsored by the Federal Communications Commission (FCC), aims to address the persistent gaps in high-speed internet access across the United States, according to the release. With a budget of $14.2 billion, the program focuses on providing affordable access to broadband services for low-income households.
TessPay’s upgraded platform aligns with the ACP’s objectives by simplifying ACP-related transactions, ensuring trustand improving operational efficiency, the release said.
The company’s improved platform automates and streamlines various processes, including device financing and monthly recurring charges management, to address the delays traditionally associated with settling ACP claims, per the release.
By swiftly processing advances to cover the initial costs of internet access devices and providing on-demand financial advances for uninterrupted service provision, TessPay’s platform simplifies financial management for service providers participating in the ACP, according to the release.
“Traditionally, the settlement of ACP claims has been hampered by delays,” the press release said. “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.”
The ACP was launched as part of the $1 trillion infrastructure law that was passed by Congress in 2021. It aims to reduce internet costs and offer improved access to broadband.
In August, the FCC announced plans to offer $75-per-month subsidies for lower-income households in some “high-cost” parts of the U.S., running this plan through the ACP. The FCC said at the time that its order “is expected to incentivize providers to participate in the ACP or remain in the ACP in rural and insular areas, further narrowing the digital divide.”