Indian microfinance institution Varam Capital has chosen US-based SayPay Technologies as partner to deliver advanced voice authentication solutions.
Varam offers loans, savings and other financial services to lower income households.
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SayPay said integrating its biometric authentication solutions into the exchange process will reduce cash-based risk for Varam and provides a basis for transaction non-repudiation.
Varam managing director Latha Pandiarajan said: "Customer authentication and transaction authentication happens many times during a loan cycle at Varam and with SayPay, we hope that becomes a lot easier and safer."
Varam Capital CEO Joby C O said: "Varam uses the latest technology to empower the lives of its 60,000 beneficiaries. Now, all of Varam’s clients can settle loans and make payments using the simplicity and security of SayPay’s voice solutions. This reduces risk, improves accountability, and eliminates financial disputes from ever occurring."
SayPay founder Steve Hoffman said: "SayPay combines ease of use on any mobile phone with the security of ‘three-factor authentication’. During loan distribution and payment acceptance, Varam clients speak a one-time ‘voice token’ into their agent’s phone as proof of loan funding and payment acceptance."
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By GlobalData
