PLEASANTON, Calif., Jan. 6, 2016 /PRNewswire/ -- Varam Capital, a provider of micro-finance inclusion solutions, has selected SayPay as their trusted partner to deliver advanced authentication solutions to their clients. Varam supplies loans, savings and other financial services to the poor. A loan of a few thousand rupees may make a huge difference in their lives, giving them the ability to purchase livestock or equipment for a small farm, a sewing machine to make clothing, or stock for a local store.
"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," said Latha Pandiarajan, MD of Varam. "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."
Integrating 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 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."
"SayPay is proud of our association with Varam Capital, who are committed to improving the lives of the poor and impoverished," Steve added.
Signing Varam Capital follows other recent news from the biometrics pioneer, including their acceptance in the UBS Accelerator Program announced in Zurich on December 10th at the UBS Future of Finance Challenge. SayPay also recently signed a business partnership agreement with Nigerian-based Mobile Innovations Ltd., who is the exclusive provider of SayPay solutions in Africa.
SayPay Technologies, Inc., is headquartered near Silicon Valley in Pleasanton, CA and has its development lab in Bangalore, India. SayPay solutions start at the beginning of the customer experience during authentication by transforming fragmented authentication methods using voice technology. Users simply read a single-use "SayPay token" into their registered mobile phone where SayPay simultaneously verifies the phone, the code and the user. Please visit www.saypaytechnologies.com.
About Varam Capital
Varam Capital Private Limited is a new-generation Micro Finance Institution promoted by Ms. Latha Pandiarajan to catalyze economic empowerment of households at and around the "base of the income pyramid" for a brighter future. Their mission is to promote livelihood efforts of people in the unorganized sector through enterprise development by providing suitable financial products". Varam visualizes a society where everyone in the unorganized sector has equal access to opportunities for economic growth and social empowerment. Please visit them at www.varam.in.