Credas has launched a digital wallet to carry out compliance checks with reusable credentials, starting in the real estate sector, and a new payment solution to allow its customers to recoup some of the cost of verifications.
The wallet carries a verified digital identity, but also credentials to complete the PEP and sanctions screening, AML checks, digital address verification and ongoing monitoring required for property transactions. The result, Credas says, is reduced friction, the elimination of repeat compliance checks, and protection against fraud risk.
Demand for digital ID checks among estate agents is rising on a tide of identity fraud carried out with the help of AI, according to Thirdfort. The company tells The Intermediary that the number of estate agents using its client due diligence platform with NFC ID document-scanning and biometrics increased by 48 percent over the past year.
The average number of checks carried out for each property transaction is 5.4, according to the announcement, but the recent approval of the Data (Use and Access) Bill presents an opportunity to cut those to a single interaction. Credas CEO Tim Barnett says as the Bill takes effect, “digital identity verification can finally live up to its name.”
The final “gamma” version of the Digital Identity and Attributes Trust Framework (DIATF) went live following the passage of the Bill, formalizing the digital verification service. The UK Home Office also updated its “Landlord’s guide to right to rent checks” near the end of June to simplify the technical details presented for digital passport checks and reflect the changes in terminology in the regulations.
Credas refers to its new software as a “Compliance Wallet,” and says it allows the credentials to be shared with the click of a button for faster, trusted onboarding. It will integrate with both the forthcoming UK digital driver’s license (or “mDL”) and the GOV.UK Wallet.
“Re-checking compliance data is a huge inefficiency that slows transactions and frustrates everyone involved,” says Barnett in the release. “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.”
Identity verifications by Credas are up 35 percent year-over-year, reaching 2.5 million individuals.
The company will hold an event on September 18, 2025 to officially unveil its Compliance Wallet.
Credas Payments is a white-label feature designed to enable the company’s customers to charge their clients directly for their AML checks, in a single process. The checkout capability is supported by Stripe, and PCI Level 1-certified. It is compatible with debit and credit cards, Google and Apple Pay, and handles refunds, charge-backs and declined payments.
The company estimates the cost of compliance for the average independent firm at 16,000 pounds or more a year, rising to £70,000 for medium-sized firms and £200,000 for large enterprises.
Article Topics
Credas | digital identity | digital wallets | identity verification | Thirdfort | UK