India is currently the world’s fastest-growing economy, according to the International Monetary Fund (IMF). It’s an epicenter of technology and business growth, and is a global leader in innovation. The country, however, has one major problem hindering its success: A great deal of its population is mired in poverty.
One recent report, for instance, indicates that an overwhelming 363 million Indians—or 29.5 percent of the population—are living below the poverty line.
With this alarming figure in mind, VoiceVault is pleased to announce that its voice authentication software will soon be playing an active role in helping to improve conditions in India. VoiceVault’s partner, voice biometric payment solution provider SayPay Technologies—which relies on VoiceVault for its voice authentication software—was recently selected by Indian micro-finance inclusion provider Varam Capital to provide voice authentication solutions to its impoverished clients. Varam Capital supplies savings, loans and other financial services to the deprived community.
As Varam CEO Joby C O explained following the announcement, the partnership with SayPay will be a tremendous boon to the company, allowing it to streamline financial services to the poor while reducing risk and mitigating fraud. Customer authentication, after all, occurs many times throughout the cycle of a loan; by using voice authentication technology, the process can become much safer. Moving forward, customers can simply submit a unique voiceprint one time during registration over a mobile device. This voiceprint will subsequently be analyzed for authenticity during all subsequent transactions.
“All of Varam’s clients can settle loans and make payments using the simplicity and security of SayPay’s voice solutions,” he said. “This reduces risk, improves accountability and eliminates financial disputes from ever occurring.”
The VoiceVault voice biometric engine, it should be noted, will be utilized when an end user is prompted to speak a numeric code. An end user is required to have the correct code, in addition to an accurate voice recording when prompted. It must be an exact match with his or her enrollment voiceprint in order to be granted entry into the application.
Want to learn more about how voice biometric identity verification can help reduce fraud? Click here.