Prophet Exchange turns to GeoComply to strengthen KYC compliance

As the sports betting market in the United States and North America becomes ever more competitive, Prophet Exchange, a peer-to-peer sports betting company, has announced that it will seek to double down on the sector and specifically, KYC compliance, by teaming up with GeoComply.

As the first sports betting exchange in the United States, inspired by the likes of Betfair, Prophet Exchange is keen to remain on the good side of the law, ensuring that it has some of the most advanced screening technology to prevent the registration and creation of malicious parties and content.

To this end, Prophet Exchange now taps into GeoComply KYC’s authentication solution (GeoComply Core for Authentication) that will allow the company to optimize its registration and onboarding process, potentially spotting fake registrations, or registrations using stolen information.

Prophet Exchange Co-Founder Jake Benzaquen welcomed this new opportunity, as he stressed on the importance of keeping fraudulent activities at bay in the rapidly-evolving and expanding gambling landscape.

There is also a business opportunity to be had therein, Benzaquen continued, as converting new registrations into bettors was also paramount to the company. "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," he concluded.

The goal is to create a frictionless yet compliant and reliable experience that protects businesses and regulators. Presently, the new KYC solution will roll out with Prophet Exchange’s operations in New Jersey where the Division of Gaming Enforcement has given its blessing for the product’s launch.

The news was naturally welcomed by GeoComply SVP of Compliance Lindsay Slader who was happy to see this new partnership take shape, and thanked the Division of Gaming Enforcement for giving its approval to launch yet another product that is marked by its commitment to keeping the industry safe.

GeoComply, noted Slader, is committed to the highest security and compliance standards, which is precisely what this collaboration with Prophet Exchange exemplifies. GeoComply has also been strengthening its technological capabilities and expertise, most recently through the acquisition of OneComply.

The company has been known to hire talent from a broad pool of experts, including former intelligence officers and personnel. Earlier this year, Prophet Exchange secured $10m in funding to continue advancing its peer-to-peer betting platform.

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