AML platform adds open banking technology

Anti-money laundering platform Credas has integrated open banking technology as part of its agent-facing proposition. 

Open banking lets consumers securely share their bank account information from one place with third-parties who can then use this access to build products, applications and services that improve the user experience of banking and money transfers. 

A new survey commissioned by Credas Technologies shows 61% of the UK population say they are familiar with the open banking concept and how it enables banks and finance companies to provide customer-facing apps. 

Tim Barnett, chief executive of Credas Technologies, said open banking gives estate agents easy and faster access to the documents and information required to ascertain buyers’ proof of funds and their source of finances to ensure that the money being used to purchase property is not being generated through illegal practices. 

He said: “When it comes to anti-money laundering in estate agency, ID verification is a relatively new technology and it’s one that many agents are yet to fully embrace. 

“Credas is at the forefront of this emerging market and we’re excited to have incorporated Open Banking into our offering. 

“It’s going to give estate agents an even easier route when confirming a client’s financial status and proving source of funds, thus making it more difficult than ever for criminals to take advantage of the housing market and improving efficiency for property professionals.”