Prophet Exchange, the regulated betting exchange based and launched in New Jersey, announced they’re using new technology from GeoComply Solutions Inc.
Approved by the New Jersey Division of Gaming Enforcement (NJDGE), GeoComply Core for Authentication (CfA) is GeoComply Solutions’ latest innovation and is now available to streamline registration requirements for NJ online casino players.
Besides improving security, CfA helps prevent fraudsters from setting up malicious gaming accounts.
Prophet Exchange proud to be first to deploy the new CfA solution
Prophet Exchange has agreed to use GeoComply’s Core for Authentication solution. And it is proud to be the first online sports betting exchange to deploy the new CfA solution. The agreement comes after the NJDGE gave the green light to the solution, permitting GeoComply to debut its new product.
The CfA product is part of the know-your-customer (KYC) process, serving as an authentication alternative for knowledge-based authentication (KBA). CfA offers the ability to instantly verify the user identity through several data points.
While KYC practice is standard in financial and online gambling industries, it is also relevant for insurance and other businesses.
GeoComply stated that CfA’s user-friendliness and robust security make this new solution an “essential tool for online gaming operators looking to improve customer acquisition conversion rates and maintain compliance in the ever-evolving regulatory landscape.”
Jake Benzaquen, co-founder of Prophet Exchange, commented in the company’s news release:
“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.”
Authentication solution for New Jersey or any other jurisdiction
Originally rolling out with Prophet Exchange in Garden State, following the NJDGE’s approval, the CfA solution can be tailored to different US gambling markets. However, different jurisdictions may have different requirements for KYC due diligence.
Lindsay Slader, GeoComply’s Sr. Vice President of Compliance, shared her enthusiasm over the NJDGE’s decision:
“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.”