January 6, 2016 -
Varam supplies loans, savings and other financial services to lower income households.
Varam spokesperson Latha Pandiarajan commented, “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.”
Integrating SayPay’s biometric authentication solutions into the exchange process reduces cash-based risk for Varam and provides a basis for transaction non-repudiation.
“Varam uses the latest technology to empower the lives of its 60,000 beneficiaries,” added Mr. Joby C O, CEO of Varam Capital. “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.”
“Varam’s move from cash to electronic payments 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.”
Previously reported, SayPay Technologies was recognized as one of three top startups competing in the inaugural “UBS Future of Finance Challenge” held in November in Singapore. Saypay was also accepted in the UBS Accelerator Program announced in Zurich on December 10th at the UBS Future of Finance Challenge .