Anti-money laundering platform Credas has integrated open banking technology as part of its agent contact proposition.
Open banking allows consumers to securely share their bank account information from one place with third parties who can then use this access to create products, applications and services that improve the user experience. banking and money transfers.
A new survey commissioned by Credas Technologies shows that 61% of the UK population say they are familiar with the concept of open banking and how it enables banks and financial firms to deliver customer-facing applications.
Tim Barnett, Managing Director of Credas Technologies, said open banking gives real estate agents easier and faster access to the documents and information needed to verify buyers’ proof of funds and their source of funding to ensure that the money used to buy a property is not generated by illegal practices.
He said: “When it comes to anti-money laundering in real estate agencies, identity verification is a relatively new technology and it is one that many agents have yet to fully embrace.
“Credas is at the forefront of this emerging market and we are delighted to have integrated Open Banking into our offer.
“This will give estate agents an even easier route to confirming a client’s financial situation and proving the source of funds, making it harder than ever for criminals to profit from the housing market and improving the efficiency of professionals. real estate.”