Indian microfinance firm chooses SayPay for voice biometrics

Varam Capital, a Mumbai-based microfinance institution, has selected California-based SayPay as a partner to deliver advanced voice authentication solutions.Representatives from Varam, which supplies loans, savings and other financial services to the poor, said it aims to reduce friction while improving security.”Customer authentication and transaction authentication happen many times during a loan cycle at Varam and with Saypay, we hope that becomes a lot easier and safer,” said Latha Pandiarajan, MD of Varam.”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's authentication solutions into the exchange process also reduces cash-based risk for Varam and provides a basis for transaction non-repudiation.”Varam's move from cash to electronic payment processing needed a means for simple yet secure authentication,” said Steve Hoffman, founder of SayPay.”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,” he said.

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