SayPay has signed on a new client that aims to use its technology help India’s impoverished. Varam Capital, a micro-loan provider, has announced that it’s going to use SayPay’s technology authenticate electronic transactions.
SayPay’s system uses tokenization, voice biometrics, and speech recognition to offer three-factor authentication. For each transaction, it generates a one-time password called a SayPay Voice Token; the subject being identified then reads that token aloud into a smartphone in order to enable authentication based on both what the user said and voice recognition. It’s a system that has already been integrated with VoiceVault’s ViGo mobile platform, and has also stoked the interest of prominent financial services executives.
Commenting on his company’s embrace of SayPay in a statement, Varam CEO Joby C O said it offers a number of benefits to Varam’s 60,000 clients, allowing them to “settle loans and make payments using the simplicity and security of SayPay’s voice solutions.” But it also offers considerable benefits to Varam itself – it “reduces risk, improves accountability, and eliminates financial disputes from ever occurring,” he said.
January 7, 2016 – by Alex Perala