Credas trials digital wallet to streamline UK conveyancing

Credas and DezrezLegal have completed what they describe as the first live property transaction using Credas' Property Compliance Wallet, a digital tool for sharing verified identity and compliance checks across parties involved in a home move.

Both companies said the transaction marked the first practical use of the wallet in a conveyancing workflow. They are based in South Wales and have worked together since 2021.

The wallet focuses on identity verification and compliance checks that buyers and sellers often repeat during a transaction. Conveyancers, estate agents, lenders and other parties can each request their own checks. The companies said this creates duplication and slows the process.

Wallet model

Credas described the wallet as a consumer-held store of verified credentials. It said the tool keeps identity and compliance status in a format that can move between organisations involved in a transaction.

Credas said it designed the wallet around secure sharing and reuse of checks. It positions the product as a way for consumers to present the same verified information to multiple parties, rather than repeating onboarding steps each time a new firm enters the transaction chain.

The companies said the completed transaction showed that the wallet can reduce repeated checks across the parties involved. They also said it can reduce the time spent on onboarding and compliance steps during a home move.

Credas stated that a buyer or seller can currently complete the same identity and compliance checks multiple times during a typical transaction. The company put the average at 5.4 times. It said the wallet reduces that to a single set of checks that a consumer can reuse.

Partner integration

DezrezLegal participated as the conveyancing partner in the transaction. The firm operates across England and Wales and works on transactions for buyers and sellers.

Credas said it continues to build a partner ecosystem around its compliance and identity services. It cited DezrezLegal's MarketReady service as an example of how firms can connect processes across the property lifecycle.

The two companies framed the transaction as a step for a longer collaboration. They said they plan further work around data sharing in property transactions and the use of reusable compliance information.

Regulatory backdrop

The companies linked the wallet and their wider collaboration to regulation and reform. They referred to "transformative regulation on the horizon, including sweeping housing reforms". They did not specify yet which measures they expect to affect compliance processes.

In property transactions, compliance work commonly includes anti-money laundering checks and verification of identity. Firms often run these checks at different points and under their own processes, even where a consumer has already provided the same underlying evidence elsewhere.

Digital identity verification has grown across financial services and legal services in the UK, with suppliers offering remote checks and audit trails for regulated firms. Credas operates in that market and positions its products for legal, property and business users.

Credas said it verifies over four million individuals a year. The company also said it was the first Identity Service Provider certified to a "very high" level of confidence under the UK Government Trust Framework.

Executive comments

Credas said the completed transaction served as the first live example of the wallet in use with a conveyancing partner.

"This first live use with DezrezLegal demonstrates exactly how the Credas Compliance Wallet will transform the way our industry manages trust, identity, and compliance going forward. This transaction marks the beginning, with both Credas and its partners confident that the Wallet will rapidly become an indispensable tool for property professionals and consumers alike," said Tim Barnett, CEO, Credas.

DezrezLegal said the wallet reduced repetition in a process that many customers find uncertain and time-consuming.

"Working with Credas on the first Compliance Wallet transaction reinforces our shared commitment to innovation and better outcomes for our customers. This technology removes unnecessary repetition from the homebuying process and delivers on our promise to home movers to bring more certainty, less hassle, and putting people at the centre", said Laura Liddell, MD, DezrezLegal.