Credas launches UK’s first reusable compliance wallet for property

Credas has introduced the UK's first reusable compliance wallet aimed at reducing repeat identity checks across regulated sectors, starting with the property market.

The new compliance wallet, developed by Credas, enables users to share a verified compliance profile - including anti-money laundering (AML) checks, sanctions screening, and digital identification - with a single click. According to the company, this will reduce the average number of property-related ID checks from 5.4 to one, addressing a major source of delay and inconvenience in the homebuying process.

The launch of the compliance wallet comes after the Royal Assent of the Smart Data Bill, which establishes a regulatory framework for the use of reusable digital identities in the UK. The wallet will be compatible with the GOV.UK Wallet and the upcoming UK digital driving licence, enabling users to port verified credentials seamlessly across both public and private sector services.

The compliance wallet is designed for application across all regulated sectors, with an initial focus on the property market, where multiple checks from different parties are common practice. With the ability to carry a full compliance profile - including politically exposed persons (PEPs) and sanctions screening, AML checks, digital address verification, and ongoing monitoring - the wallet facilitates faster onboarding and greater trust among stakeholders.

The solution is accessible to both Credas clients and non-clients, allowing anyone using the service to share verified credentials instantly with parties such as estate agents, conveyancers, and mortgage brokers. The company describes the wallet as an agnostic tool, broadening its reach beyond those already using Credas systems.

"Re-checking compliance data is a huge inefficiency that slows transactions and frustrates everyone involved," said Tim Barnett, CEO 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."

Barnett explained that the wallet is not only reusable but also instantly available, giving users immediate access to and control over their compliance information. According to Credas, this change is expected to streamline the buying and selling process for property, which currently involves multiple checks for the same individual by different stakeholders.

Reflecting on the significance of the regulatory changes that have enabled the launch, Barnett 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."

Citing recent company data, Credas reports that it verified over 2.5 million individuals in 2025, representing a 35% year-on-year increase. The company holds a 52% share of the UK property market and expects to issue millions of compliance wallets by the end of 2026.

The compliance wallet will be officially unveiled at a private event in September 2025, according to Credas.

Established in Cardiff in 2016, Credas provides compliance and onboarding software used by legal, property, and business professionals. The company states that it verifies more than four million individuals each year.

Credas was the first identity service provider to reach a 'very high' confidence certification under the UK Government Trust Framework, underscoring its compliance with national standards for secure and accurate verification technology.