Credas, a UK-based leader in identity verification solutions, has announced the launch of its latest product, the Credas Compliance Wallet, which it describes as a first-of-its-kind reusable compliance solution for the UK market.
The company said the main driver behind the new product is to tackle the persistent inefficiencies and friction caused by repeat compliance checks in sectors like property, while helping to fight rising fraud risks.
Credas specialises in providing digital identity verification services that help firms comply with regulations, perform AML checks, and ensure secure onboarding processes across various industries.
The newly unveiled Compliance Wallet allows users to store and reuse their verified identity and full compliance profile — including PEPs and sanctions screening, AML checks, address verification, and ongoing monitoring. It enables individuals to share this profile instantly with multiple parties at the click of a button, aiming to streamline transactions such as buying a home.
The Compliance Wallet will first be rolled out in the UK property market, where buyers and sellers often face repeated ID checks that slow down deals. Credas said the solution will also integrate with the new UK digital driving licence and the GOV.UK Wallet, supporting seamless sharing of verified credentials between public and private services.
In addition, the product’s launch comes on the heels of the Smart Data Bill receiving Royal Assent. The new legislation sets a regulatory framework for reusable digital identities, which Credas says paves the way for broader adoption of user-controlled, verified identity solutions.
Unlike many traditional compliance tools, the Credas Compliance Wallet is designed to be an agnostic, reusable solution that works for both existing Credas clients and those outside its ecosystem. This means homebuyers can share their verified credentials with estate agents, conveyancers and mortgage brokers without needing repeat checks.
Credas CEO Tim Barnett said, “Re-checking compliance data is a huge inefficiency that slows transactions and frustrates everyone involved.” Barnett added, “Our compliance wallet changes that. It puts control back in the hands of users, lets firms share and trust verified data instantly, and reduces the compliance burden without compromising security.”
“With the Smart Data Bill now in force, digital identity verification can finally live up to its name, providing convenient mobile access to identity data at a click of a button.” Tim Barnett, CEO at Credas.
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