Inside the launch of the Credas Compliance Wallet

Earlier this week, property professionals, conveyancers, regulators and industry leaders gathered at The Original Ivy in central London for the official launch of the Credas Compliance Wallet – a shareable, portable compliance profile designed to stop repeat checks, reduce friction and fight fraud across regulated sectors.

But why the wallet? And why now?

It’s a well known fact that UK property transactions still take far too long (frequently cited at 179 days end-to-end). On top of this, there’s an average of 5.4 identity checks per transaction, creating needless drag. And then there’s fraud. ID fraud is surging, with industry-wide record highs reported in 2024.

The result? Cost, frustration and risk for firms, and a poor experience for buyers and sellers who keep being asked for the same information.

To tackle this, the Credas Wallet holds a verified identity and a complete compliance profile – including PEPs & sanctions screening, AML checks, digital address verification and ongoing monitoring. Individuals can share their Wallet with one click to any authorised party in the chain. This includes ‘pushing’ their Wallet to a conveyancer or broker, while professionals can request access (a ‘pull’) which the consumer approves.

Aligned with the UK’s Digital Identity and Attributes Trust Framework (DIATF), the Wallet can integrate with the government ID wallet, Apple/Google Wallets, and even competitor wallets to minimise duplication.

On stage at the event: Regulation, risk and reality

Hosted by property commentator Russell Quirk, the event featured a panel with Catherine Perry (Legal and Compliance at Yopa) and Catherine Chappell (Group Head of Financial Crime Prevention at Connells).

It was a detailed discussion, with the following key discussion points and takeaways:

• Multiple regulators create mixed pressures. HMRC, SRA/CLC and FCA each impose AML requirements with differing emphases.
  
• Education is non-negotiable. There needs to be ongoing training to prevent compliance being seen as ‘the blocker’ rather than the protector of customers, brand and transactions.
  
• The cost of doing (and not doing!) compliance. There’s a big cost to non-compliance. From fines (the panel referenced a £266k industry fine in recent years) to measurable reputational and commercial damage.
  
• Market context (in Russell’s view): Despite macro gloom, property remains resilient, with improved sentiment helped by lower borrowing rates, and policy shifts that may expand affordability, keeping activity ticking.

The presentation of the Credas Compliance Wallet

The attendees of the event were then given an update on the wallet project progression and a sneak peak of the wallet itself, including the new, revamped UI. 

Here’s a clip of the video:

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Q&A: From concept to practical gains

After the panel and a bite to eat, Credas’ CCO led a Q&A about how the Compliance Wallet will make a tangible difference on the ground. Questions clustered around two themes: real-world efficiency and taking the sting out of today’s pain points.

• Attendees drilled into how push-pull consent and a single, portable compliance profile could cut duplicate checks, bring forward instruction, and reduce the back-and-forth that stalls chains.
  
• For consumers, one app/browser journey with clear consent is simply less friction. For professionals, fewer platforms means fewer gaps to chase.
  
• The audit trail resonated with firms who want to be confident in audits without drowning in evidence packs.
  

With around 60% of property-sector checks already involving Credas, the Compliance Wallet is well placed to set a new standard for security, trust and collaboration. A shared infrastructure the whole market can rely on.

Thank you to everyone who joined us, and a special thanks to our panellists for taking the time to speak during the day.

Learn more about the Credas Compliance Wallet

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