Credas, has joined the Open Property Data Association (OPDA) as part of a push to make homebuying faster, safer and more transparent through the use of digital data.
Credas, whose technology underpins around 60% of all ID checks in UK property transactions, provides automated identity verification and compliance tools for estate agents and conveyancers.
Its new Credas Compliance Wallet allows consumers to share verified identity data securely across the property transaction chain – a move expected to reduce duplication and delays.
Chief Executive Tim Barnett (main picture, inset) says joining the OPDA aligns with the firm’s mission to streamline one of the most complex and fragmented parts of the housing market.
SHARABLE AND ACCESSIBLE
He adds: “With the recent announcement of the launch of the Credas Compliance Wallet, we are committed to making identity verification and compliance data sharable and easily accessible.
“We are looking forward to collaborating with other members to minimise the number of checks needed throughout the homebuying process, creating an easier, seamless process for all.”
Formed in June 2023, the OPDA brings together property, finance and technology organisations committed to sharing verified open data across the housing ecosystem.
Its Property Data Trust Framework sets standards for the safe exchange of information between lenders, conveyancers, agents and consumers – a foundation seen as key to delivering a fully digital homebuying experience.
REMOVING BARRIERS
Chair Maria Harris says: “Homebuyers are asked to supply proof of identification on average four times during a single transaction, creating a huge amount of duplication and discomfort for the consumer.
“Credas is helping to remove barriers and frustrations by supplying a digital identity which can be trusted and shared across the customer journey.”
Credas joins members including NatWest Group, HSBC, Nationwide, Lloyds Banking Group, Atom Bank, PEXA, Movera and Coadjute, as OPDA works to standardise digital property data and cut transaction times by up to 15 days from mortgage offer to exchange.
