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, announced additional capabilities to its payment solutions that further mitigate risk and ensure transparency for contracts within the construction market.
The TessPay Fintech Platform (the “Platform”), a pioneering creation by TessPay, significantly enhances the efficiency and transparency of financial transactions in various sectors, with a particular focus on commercial construction sub-trade working capital financing. The Platform adeptly navigates the intricate network of stakeholders, complex payment terms, and multi-tiered agreements inherent in large-scale construction projects. By incorporating smart contracts that embed work completion conditions before allowing payments to be made to subcontractors, TessPay effectively mitigates common issues such as delays or miscommunications. This innovative approach ensures automated progress payments to subcontractors, granting them prompt access to working capital and eliminating prolonged waiting periods traditionally associated with constrution projects.
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Jeff Mason, CEO of TessPay, stated, “We are exceptionally proud of the advancements we’ve made to our TessPay Platform. The creation of a secure, blockchain-based payment system is a pivotal stride, extending its significance from large-scale construction endeavors to small-scale businesses. TessPay precisely caters to the diverse needs of the industry while maintaining its ironclad commitment to financial security.”
TessPay’s Platform has the potential to offer bespoke solutions for businesses of all sizes. The application of the Platform in infrastructure, commercial, and industrial projects can help minimize risks for both lenders and developers. Whether a business has equipment financing needs, high overhead costs, or working capital needs, the Platform utilizes interconnected smart contracts and blockchain to ensure accountability, transparency, and direct alignment of every expenditure with tangible project progress. Simultaneously, the custodial funds of both customers and lenders are safeguarded in dedicated bank accounts, a testament to TessPay’s commitment to protecting the financial interests of its clients and partners.
TessPay is an innovative fintech firm that has been focused on disrupting the payment landscape since its inception in 2017. The Company’s Platform 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 Federal Communications Commission’s Affordable Connectivity Program (“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.
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