A so-called ‘compliance wallet’ is being launched in September, promising to combat rising fraud fears across the property market.
Each wallet, produced by Credas, carries not just a verified identity but a complete compliance profile including sanctions screening, Anti-Money Laundering checks, digital address verification and ongoing monitoring.
It is designed to integrate with the new UK digital driving licence and the Gov.UK wallet.
“Re-checking compliance data is a huge inefficiency that slows transactions and frustrates everyone involved,” said Tim Barnett, chief executive at Credas.
“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.”
It is reusable and users can easily share verified credentials with multiple parties such as agents, conveyancers and mortgage brokers.
Its launch follows the Royal Assent of the Smart Data Bill which sets a regulatory foundation for reusable digital identities in the UK – paving the way for mainstream adoption of verified, user-controlled identity.
“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 click” adds Barnett.
So far in 2025, Credas has verified over 2.5m individuals, a 35% increase year on year.