Credas, the leading identity verification service, has partnered with the Coadjute blockchain network, enabling digital identities to be accessed, verified and shared more easily, and reducing the burden on buyers and sellers during the property transaction.

Credas announced at their Future of Digital Identity event (25/01/22) that they are joining the Coadjute network with plans to launch a new digital identification service – elevating the end-user experience and taking advantage of the security and encryption the bank-grade blockchain network offers.   

The new service will enable existing digital identities created with Credas to be verified by third parties over the Coadjute network, and if required, for the original source documents to be obtained with consumer consent.  

By enabling trusted ID and data to be accessed from Credas in real-time by any business on the Coadjute network, the two companies intend to create a more streamlined digital experience for buyers and sellers, reducing duplication of effort and enabling a more efficient, secure property transaction.

Coadjute’s blockchain network securely connects all parties in a property transaction to enable real-time information sharing and true interoperability. Integrated behind existing platform and apps, the Coadjute network enables everyone involved in a property deal – estate agent, conveyancer, bank, buyer, seller – to share documents, information and messages in real-time, all without needing new software.

Both Credas and Coadjute have recently successfully completed an alpha assessment under the UK Government Digital Identity and Attributes Trust Framework, meaning they fully meet the standards to become an accredited identity orchestration service under the framework when it launches later in 2022.  

Credas’ existing digital identification service verifies a person against an identity document using biometric facial recognition and technology, then confirms that the document is authentic. Results are in real-time and data is stored securely in the cloud.

The new service utilises the Coadjute network to make the digital identity available for third parties to check, without requiring a separate integration or to repeat the identity. Users of software integrated to the Coadjute network can now see when a buyer or seller has been verified by Credas, and if required, can obtain source documents over the network.   

Tim Barnett, CEO of Credas Technologies says: “As the UK’s leading AML and identity verification Proptech platform, Credas are excited to be working with Coadjute. Our collaboration will see the integration of our products on the Coadjute network, benefiting thousands of estate agency branches, conveyancers and mortgage brokers and helping them to work together and communicate in a more efficient way with clients whilst seamlessly verifying the various stakeholders in their transaction flow professionally and swiftly.”

Dan Salmons, CEO of Coadjute, commented: “We are delighted to enable this new service with Credas and Coadjute’s government accredited identity orchestration service. We believe it will significantly expand the market for digital identification, as for the first time, identity information can not only to be collected digitally, but can also be verified and shared between users of participating software platforms. It’s a fantastic proof point for how Coadjute enables our software partners and other specialist providers, such as Credas, to connect seamlessly and open up new opportunities for innovation and value”.

CREDAS and Coadjute will pilot the service during Q1 2022, with a formal launch planned for Q2.