Voice biometrics firm SayPay wins APAC regional UBS challenge

November 18, 2015 - 

Voice biometrics authentication firm SayPay Technologies was recognized as one of three top startups competing in the inaugural “UBS Future of Finance Challenge” held earlier this month in Singapore.

The startup competed at the regional event against 15 innovation companies in a challenge that saw a total of 620 applicants from 52 countries.

SayPay CEO Steve Hoffman and CTO Ramsyam Missula pitched the company’s to a panel of eight senior UBS executives, including Chi-Won Yoon, president of UBS Asia Pacific.

“During the event, we introduced our ‘Customer Authentication Experience’ solutions that streamlines customer authentication while improving security with voice biometrics,” said Hoffman. “The distinguished panel of UBS judges were quick to recognize how SayPay transforms fragmented current authentication solutions into a seamless, enjoyable customer interaction with their financial institutions.”

SayPay users say a unique SayPay code into a phone, at which point, SayPay identifies the phone, authenticates the user by matching their voice against their registered voiceprint, and authorizes the transaction.

The solution uses an advanced algorithm that combines speech recognition, voice recognition, and tokenization, which generates in real-time a unique SayPay Code that can only be used once.

An availability timer verifies processing within a fixed duration, after which time, the SayPay Code expires.

“Our patent-pending solution offers the best combination of security and flexibility,” said Missula. “The cryptographically generated SayPay Voice Token identifies each transaction and provides a unique one-time password with each use. Users simply read the value into their registered mobile phone where we simultaneously verify the phone, code and user, providing 3-factor authentication.”

SayPay will compete against 12 competing global finalists in the UBS Future of Finance Global Final, held in Zurich, Switzerland on December 10.

Previously reported, payments start-up SayPay Technologies, Inc. has partnered with VoiceVault, Inc. to deliver online and mobile payment solutions.

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About Justin Lee

Justin Lee has been a contributor with Biometric Update since 2014. Previously, he was a staff writer for web hosting magazine and website, theWHIR. For more than a decade, Justin has written for various publications on issues relating to technology, arts and culture, and entertainment. Follow him on Twitter @BiometricJustin.