Credas, a UK-based leader in identity verification, has announced the launch of the Credas Compliance Wallet, a new product designed to transform compliance checks across the UK’s regulated sectors.
The launch of the Compliance Wallet comes in response to rising fraud risks, slow transactions, and the repeated compliance checks that continue to frustrate both businesses and consumers in the homebuying process and wider financial ecosystem.
Credas specialises in digital identity verification, providing anti-money laundering (AML) checks, digital address verification, PEPs and sanctions screening, and ongoing monitoring solutions to help regulated firms streamline onboarding while maintaining security and compliance.
The Credas Compliance Wallet is a reusable, digital compliance tool that holds a complete verified identity and compliance profile for users. It enables faster, frictionless onboarding by allowing users to share verified credentials instantly with regulated entities, including Estate Agents, Conveyancers, and Mortgage Brokers, in just one click.
This new product will initially launch in the property sector, where repeat compliance checks are a persistent challenge, and will later expand across all regulated industries. The wallet will integrate with the new UK digital driving licence and the GOV.UK Wallet, allowing for seamless portability of verified credentials across public and private services.
Unlike traditional identity solutions, the Credas Compliance Wallet is designed to be agnostic, allowing use by both Credas clients and non-clients, and will be instantly available and reusable to reduce the compliance burden while maintaining high security standards.
The launch of the wallet follows the recent Royal Assent of the Smart Data Bill, which has set the regulatory groundwork for reusable digital identities in the UK, enabling the mainstream adoption of user-controlled, verified identity solutions.
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.”
Barnett also said, “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.”
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