Voice biometrics firm SayPay wins APAC regional UBS challenge
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.