A new compliance wallet launched by Credas promises to speed up property transactions by allowing agents to share client verification instantly across the property chain.

The compliance technology firm unveiled its new digital wallet at a swanky launch at The Ivy Private Members Club in London’s West End, which was attended by many leading figures in the property industry, including The Negotiator, where it received a warm reception.

Nick Ledingham (pictured), Chief Commercial Officer at Credas, says the wallet tackles the problem of buyers having to provide the same identity documents repeatedly to estate agents, solicitors, mortgage brokers and other parties in the same transaction, which causes considerable delays.

We are building an industry-wide solution that works with existing systems.”

“The Credas Compliance Wallet creates a shareable solution that provides a one-time audit trail of verification,” Ledingham told the audience. “We are building an industry-wide solution that works with existing systems.”

The wallet stores a complete compliance profile including verified identity, PEPs and sanctions screening, AML checks and digital address verification. Once created, it can be shared at the click of a button between agents, solicitors, mortgage brokers and other transaction parties.

And, as Credas already handles 60% of property sector checks, the wallet is likely to have significant market traction.

15 million wallets

Tim Barnett, CEO of Credas, said: “We are launching on day one with 15 million wallets in circulation. Compliance tech is changing, and that change is being driven by our team based in Cardiff.”

The timing is significant as industry frustration has been growing over both the growing compliance burden and increasingly long delays in conveyancing.