Calastone, the global fund transaction network, has been selected by Transact, the wrap service firm, to provide it with a re-registration solution.

Transact, as well as other organisations in the sector, took part in the original working group to develop the Calastone re-registration service, and has now chosen the solution to automate its own process, a statement from Calastone said.

Platforms are now required by law to offer re-registration services to clients. Rules do not force providers to automate the service but it is “widely acknowledged” that electronic straight through processing is the preferable approach, Calastone said.

Calastone’s system enables STP for "in specie" transfer of assets and provides full visibility to all parties during the lifecycle of the transfer, it said.