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Location: Toronto, Ontario
TessPay operates a private permissioned blockchain solution that combines Smart Contracts and Automated Payments to guarantee daily settlements for cross border calls in the $65 billion USD Wholesale Telecoms Industry.
The Wholesale Telecoms Industry comprises international voice calls transmitted between telecommunications carriers in the course of completing a consumer-initiated call in one country to a consumer in another country.
Our business system features liquidity, payment assurance, lower fees, lower costs with an automated process. An easy-to-use solution means telecommunications carriers are seamlessly interconnected with and paid by other carriers and never have to deal with late or defaulted payments.
The TessPay Platform offers peace-of-mind; automated daily settlements guaranteeing all carriers are paid on time, every time. The TessPay Platform payment settlement system for Wholesale Telecom Services, caters to two categories of users: Carriers and Lenders.
Wholesale Telecom is a high volume, low margin business and as such credit losses are painful, and late payments create friction. All selling carriers on the TessPay Platform will be paid daily in full for the previous 24-hours call volume.
TessPay effects automated payments from the Smart Contract deposits and is able to calculate the precise amounts owing based on prices in the Smart Contract and the call volume that has passed through TessPay’s telecom switch.
The liquidity problem arises from the fact that due to the nature of the business, counterparts are almost always international, and the smaller carriers collectively supporting the large carrier receivables have difficulty granting and obtaining credit.
TessPay will provide lending opportunity for carriers. Lenders will have the opportunity to securely finance smaller carriers dealing with large carriers with strong credit ratings.
The Company is solving cashflow problems for smaller carriers by introducing lender supported funded Smart Contracts on the TessPay Platform.
The TessPay Platform will make settlements daily.
Payments are assured on daily basis.
Lower Operating Costs
On the TessPay Platform carriers pay only a modest service fee for volume based use. Carriers won’t be charged server, switching or billing fees.
Jeff Mason, CEO
In 1990, Jeff graduated with a BSc in Commerce and Economics from the University of Toronto. He next joined Ernst & Young LLP as a CPA and followed that as a business analyst at Canadian Tire.
In 1995 Jeff founded Wiznet Inc., an Internet service provider where he served as CEO until the company’s sale in 2004.
Jeff followed his previous success with the founding of Wiztel Inc., a VOIP telecommunications company that specialized in Wholesale Telecom cross-border voice calls. The company remained in operation until July 2017 when TessPay was founded.
In 2012, Jeff co-founded Limitless Mobile, a US/UK mobile virtual network operator. He served as CEO before divesting himself of his interest in the company to found Powercases Inc., in 2014. The company, where he remains a shareholder and Chairman, is a developer, marketer and seller of consumer and business portable power products based on Lithium ion technology.
Fraser Mason, CFO
Prior to Fraser’s role in TessPay, he began his storied business career as a senior partner at Ernst & Young Canada. Beginning in 1964, his many responsibilities included development and management of the Canadian corporate finance practice, management of the Canadian consulting practice and membership on the Canadian Executive Committee with a key role in the strategic growth of the firm until 2000.
As Chairman and CFO in the development and management of Champion Digital Links (formerly Champion Photochemistry), Fraser’s contributions since 1981 have included a series of cross border acquisitions that lead to a global business with operations in the United States, France and Malaysia. He also created a financing strategy for the business based on banking and credit insurance relationships developed in Spain.
Since 2014, Fraser has been a member of the advisory board for Newcom Media, a North American B2B publisher and industrial tradeshow company that focuses on trucking. Fraser recently facilitated a major acquisition for Newcom Media.
Fraser’s many qualifications include business strategy, corporate governance, financing, acquisition, deal negotiation, and global business management.