Prophet Exchange has agreed to become the first operator to leverage a new GeoComply KYC authentication solution.
The sports betting exchange has penned a deal to be a customer of GeoComply’s Core for Authentication solution, which aims to streamline registration requirements for players and reduce malicious account creation.
It comes after the New Jersey Division of Gaming Enforcement gave the green light to the solution, allowing GeoComply to debut its new product.
Jake Benzaquen, Co-Founder of Prophet Exchange, remarked: “In the competitive world of sports wagering, ensuring a seamless experience for legitimate users while keeping fraudsters out is paramount. Converting registrations to bettors is also of the utmost importance in this highly regulated landscape.
“GeoComply’s new product offers precisely that – a blend of ideal player UX and security. We’re thrilled to integrate this solution into our platform.”
The CfA product offers an alternative to knowledge-based authentication, instead authorizing access through several data points in an instant. GeComply stated that the solution is necessary to provide an “alternative to traditional methodologies that often lead to friction during the customer onboarding process”.
Initially rolling out with Prophet Exchange in New Jersey following the DGE’s decision to approve the product, the CfA solution can be tailored to different jurisdictions that may have different requirements on KYC due diligence.
New Jersey’s regulations require operators to impose multi-factor authentication on their platforms, meaning that the DGE needs to approve the product before launch.
Lindsay Slader, GeoComply’s SVP of Compliance, stated: “This approval underscores our dedication to creating industry-leading solutions that meet the highest compliance and security standards.
“With the introduction of this product, we aim to expand our customers’ player acquisition funnel, while simultaneously ensuring the integrity of the online gaming ecosystem. We appreciate the New Jersey DGE’s commitment to innovation that fosters a secure and player-friendly online gambling environment for the state’s residents.”
