UK Launches First Compliance Wallet

The UK has introduced its first compliance wallet, designed to reduce the average number of property ID checks from 5.4 to just one through a single, reusable solution.

Credas Technologies has launched a compliance wallet, a reusable solution that aims to streamline the homebuying process by removing repeat compliance checks and tackling growing fraud risks across regulated sectors.

The wallet is built for use across all regulated sectors but will first launch in the property market, where repeat compliance checks have been identified as a persistent issue.

It will integrate with the new UK digital driving license and GOV.UK Wallet to enable the seamless transfer of verified credentials between public and private sector services.

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

“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.”

Each compliance wallet holds a verified identity and a full compliance profile, covering PEP and sanctions screening, AML checks, digital address verification and ongoing monitoring.

The wallet is designed to facilitate faster onboarding with reduced friction, allowing users to share verified credentials quickly. Unlike traditional methods, the Wallet will be instantly accessible, reusable and enable users to share information with multiple parties, such as estate agents, conveyancers, and mortgage brokers, with a single click.

The launch comes after the Royal Assent of the Smart Data Bill, which establishes a regulatory framework for reusable digital identities in the UK.