Regtech innovator Credas has unveiled its latest breakthrough in compliance technology—the Credas Compliance Wallet—marking a significant step forward in streamlining identity verification in property transactions and beyond.
The newly launched digital wallet tackles a well-known inefficiency in the property market: the repeated completion of AML (Anti-Money Laundering), ID, and KYC (Know Your Customer) checks during a single transaction. On average, buyers and sellers are subjected to these checks 5.4 times in a single property journey—a process that is time-consuming, duplicative, and frustrating for consumers and firms alike.
The Credas Compliance Wallet aims to eliminate these inefficiencies through a re-usable and secure solution that benefits both consumers and businesses:
- One-and-Done Compliance: Consumers only need to complete their compliance checks once. Their verified identity can then be shared with any party involved in the transaction.
- Instant Access for Firms: Businesses using Credas can access a consumer’s compliance data instantly, removing delays typically associated with onboarding and verification.
- Industry-Leading Verification: By building a persistent compliance profile over time, the wallet offers unparalleled accuracy—serving as a key defence against emerging threats such as one-time AI fraud.
- Open Access for All: In a move to benefit the entire sector, the wallet will be available even to non-Credas customers.
- Integration with Gov.UK Wallet: The solution incorporates the brand new Gov.UK digital wallet, reinforcing its robustness and public-sector interoperability.
- Massive Uptake Projected: With over 5 million wallets expected to be created annually, more than half of all property transactions in the UK are forecast to involve a Credas wallet from day one.
This launch not only reinforces Credas’ position as a leader in compliance innovation but also supports broader digital transformation efforts. By replacing outdated manual identity processes, the wallet promises to unlock significant economic value—supporting everything from bank account setup and mortgage applications to age verification and rental agreements.
“I’m incredibly proud of the team, who have become the first in the UK to bring a re-usable technology solution to the property sector, cementing Credas’s place at the vanguard of innovative compliance technology,” said Timothy Barnett, CEO, Credas.
Credas is part of the Dye & Durham Corporation.