Welsh digital ID group Credas is aiming to simplify homebuying and other regulated purchases with the launch of the UK’s first ‘compliance wallet’.
The product will be a reusable compliance solution across all regulated sectors, initially targeting the property market.
The wallet carries the owners verified identity along with a compliance profile that includes sanctions screening, anti-money laundering checks and digital address verification.
The initial launch aims to expedite real estate purchases, which are often slowed down by repeat compliance checks carried out by numerous regulated entities throughout the process.
“Re-checking compliance data is a huge inefficiency that slows transactions and frustrates everyone involved,” said Tim Barnett, chief executive 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.”
Eventually, the compliance wallet could become the onboarding standard across all regulated industries as the UK increasingly adopts digital identity processes.
The government has been working towards the release of the GOV.UK wallet, a portal for saving official government documents and digital identification, including a digital driving licence.
Digital identification in the UK is set to be further empowered following the granting of Royal Assent to the Data (Use and Access) Act, sometimes referred to as the Smart Data Act, which provides a regulatory foundation for reusable digital identities.
“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,” Barnett added.
In 2022, Credas was granted government certification to provide digital identity checks under the Digital Identity and Attributes Trust Framework.
Read more: Government calls in tech firms to roll out digital IDs
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