PROPTECH-X ‘Proptech & Property News’: Phil Spencer and Sprift tie-up | MyIdentity secures FCA trial

Phil Spencer allies with Sprift for top tier property data

Treasured property icon Phil Spencer has just announced that his new upgraded reporting on Move iQ, a service launched five years ago, will be powered by data supplied by Sprift, a company that is fast becoming known as the authority for property data in the UK. 

Many property practitioners are already using Sprift in one form or another, to win instructions or increase market share, for example, but what is now becoming apparent is that the vast amount of property data that they hold can power real estate facing operations in other ways.   

Speaking about the tie-up with Sprift, Phil spencer said: “What I’m really excited about with our new reports is that the data and improved design provides consumers with property facts digitally, in a concise and understandable way. This is thanks to Sprift’s innovative approach to delivering accurate data, quickly.”

Matt Gilpin, founder of Sprift, commented that he has worked tirelessly for over half a decade to develop the platform, in order to offer the most comprehensive source of data on UK properties.

“With the government driving for material information to be provided at the outset, and the consumer wanting it, it makes sense to arm the consumer with this upfront information, which is exactly what the Move iQ reports will do,” Gilpin said.

As both an editor and journalist who has written over 2,500 pieces on property technology and real estate, and also as a person who runs a consultancy for property technology founders, it is fair to say I have a pretty good grip as to what is happening in the space. I also need to make it clear that Matt Gilpin is one of my clients.

But this is not the reason that I have run this piece, reported by several other publications, rather I more than most have an authoritative view with regard to what good or excellent looks like in the provision of property data. And more importantly, the interface through which it is delivered. 

Take it from me, Sprift property data is grade A. The software that has been built to underpin the whole operation would, in and of itself, make it the perfect business partner not just for property agents, but anyone who needs the best datasets to power their businesses. Property technology companies or fintech companies who need top grade data to run their operations would benefit greatly, for example. 

If that sounds like you and you are in need of a solution, I am sure Matt Gilpin will be happy to tell you more. And if you do decide to do something with Matt and his team, be aware that I financially stand to gain nothing as the nature of my business is a consultancy rather than a reseller. Because of this, I can remain neutral when it comes to endorsing companies.

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MyIdentity scheme moves forward with Financial Conduct Authority sandbox trial

The MyIdentity scheme that will ensure the home buying and selling process is a safer digital process, has moved a huge step forward through a collaboration with the Financial Conduct Authority.

Etive Technologies Limited, founded by Stuart Young, will be participating in the Financial Conduct Authority’s (FCA) regulatory sandbox. The regulatory sandbox allows firms to test innovative offerings in a live environment. More information on the FCA’s regulatory sandbox can be found here.

Since its Beta was first announced, MyIdentity has enjoyed solid progress with estate agents, conveyancers, brokers and lenders, who all welcome the scheme. 

The scheme for home buyers and sellers already has five leading identity providers participating and is set to become the central hub for consumers, to help them prove who they are only once throughout the whole process, and in a secure digital way too. 

Under the MyIdentity scheme, home buyers and sellers will no longer be repeatedly asked to give their details to all the parties involved in the chain of transactions. This move means quicker completions and more control over how consumers share their identity details and who they share their identity details with. 

Stuart Young, Managing Director at Etive said: “For it to succeed, it is crucial that home buyers and sellers have full confidence in the MyIdentity scheme. We are making good progress within the sector, and we now want to go further by testing in the Financial Conduct Authority’s (FCA) regulatory sandbox.  This will help brokers and lenders to adopt the MyIdentity standards in a more secure and controlled environment. 

“The Beta involves leading identity providers and our choice of using proven technology from Mvine underlines the priority we are placing on delivering a workable solution for the home buying and selling sector.”

The impetus behind the scheme is that the residential property industry, made up of estate agents, lawyers, conveyancers, financial brokers and mortgage lenders, will recognise MyIdentity as the acceptable method of identity verification because everyone will work to one set of Government-backed standards. 

For the residential property industry, the combined effect of reducing the number of identity verifications that a consumer must go through means happier customers and lighter administration processes, together with a better way of mitigating the risk of property and mortgage fraud.

Work on MyIdentity started in 2019, and this year looks set to be a defining year for the outfit as they work diligently to improve the home buying process for consumers and the industry. The current Beta is focused on improving standards around identity, which is key to this improvement, as a recent report by one identity service provider.

Onfido, highlighted that the average ID fraud rate was 5.9% over 2021, compared to an average rate of 4.1% in 2019. This has serious implications for the financial services sector as it looks to extinguish fraudulent activity once and for all.  

As the Prime Minister announced, foreign owners of UK property will be forced to declare their identities rather than hiding true ownership, and the Economic Crime (Transparency and Enforcement Bill) will create a register upon which all foreign owners of UK property must declare their true beneficial ownership and verify their identity.  

Etive is a digital identity and property data technology company that has been working in identity verification since 2014, leading on the Digital Identity Trust Scheme for the Home Buying and Selling Sector project from November 2020 to April 2021, all while setting the parameters of what is required for a trust scheme.