Credas and Interac level up biometric real estate transactions in UK and Canada

British conveyancing company Muve has selected Credas Technologies as its onboarding partner.

Credas will provide anti-money laundering (AML), Safe Harbour ID checks, and Source of Funds analysis for Muve. The identity verification technology company services more than half of the residential property transactions in the UK and was considered a natural partner, according to Muve.

“Our engagement with Muve is an example of a great partnership, with Muve providing valuable feedback that has led to new capabilities within our product,” said Tim Barnett, CEO of Credas. “This includes calculating percentages for Source of Funds to make reviewing results faster and easier.”

Muve is one of the UK’s fastest growing private companies and was looking for a partner to deliver a streamlined onboarding experience for its clients, across both B2C and B2B channels. Source of Funds was an area of focus as Muve was spending a “significant amount of time,” according to a statement, going back and forth with customers to collect the evidence required.

Credas developed custom onboarding journeys with the initial trial finding that Credas outperformed Muve’s current supplier with better outcome rates. “Credas has helped us take a big step forward,” David Jabbari, CEO of Muve, says, “building seamless, secure onboarding journeys that reflect our ambition and put our clients first.”

Credas allowed Muve to adopt a combination of both open banking and document uploads, in the Source of Funds journey, giving customers flexibility and making it more likely they’d complete the journey. The custom set-up means Muve was able to create two separate portals for its B2B and B2C businesses, allowing greater branding flexibility.

Based in Cardiff, Credas was the first identity service provider to be certified to a “very high” level of confidence under the UK Government Trust Framework. Digital ID verification is a trend in real estate transactions, with biometrics making their way into the sector in the UK, South Korea, India, Pakistan and Russia.

FCT and Interac partner for real estate transactions

Canada’s FCT, a provider of title insurance and real estate technology, has inked an agreement with Interac to integrate the Interac Verified Credential Service into FCT’s real estate technology solutions.

The integration of reusable digital identity credentials across the Canadian real estate ecosystem marks a major step toward a national standard for digitally secure real estate transactions in Canada. “Interac Verified will power FCT’s vision of building a trusted network of verified individuals and organizations across the real estate lifecycle,” said Ryan Lambert, vice president, data and strategy at FCT.

“By combining biometric verification, document validation, and bank-verified data into a single reusable credential, we are delivering the foundation for a national, secure real estate transaction.”

Canadians will be able create a reusable digital credential using their bank login with a participating financial institution, an accepted form of government-issued ID, and a biometric photo. This credential can then be shared with the relevant real estate transaction participants, removing the need for repeated document verifications throughout the transaction process.

FCT will integrate the Interac Verified solution as part of its FINTRAC-compliant digital real estate ecosystem, supporting KYC and AML requirements, and strengthening identity assurance across residential and commercial real estate transactions, while home buyers or owners can share only the necessary data when and where needed.

“We are proud to collaborate with FCT on this initiative to enhance trusted identity verification within the Canadian home-buying process,” said Giles Sutherland, head of business development at Interac.

“This marks a significant step toward the wide adoption of reusable verification, ultimately benefiting Canadians by supporting a more secure and efficient home-buying experience.”

Article Topics

AML  |  biometrics  |  Credas  |  digital identity  |  document verification  |  identity verification  |  Interac  |  real estate  |  reusable digital ID  |  secure transactions  |  selfie biometrics