Bravura Solutions, the transfer agency and wealth management software firm, it set to enhance its Babel fund messaging system to incorporate re-registration capabilities ahead of the UK regulator’s Retail Distribution Review reforms coming into force at the end of 2012.

Under the RDR package of reforms, all platforms will have to offer re-registration of funds by the start of 2013. Bravura has initially made re-registration of ISA vehicles possible on Babel, but in the future it plans to further develop the system to support the re-registration of non-ISA products such as pensions including assets like equities and ETFs.

Straight through processing systems such as Babel make it possible for different messaging platforms such as SWIFT, EMX and NSCC to “communicate” with each other, however their main advantage is that they obviate the need to transfer funds manually – a time-consuming process which is obviously open to human error.

While the Tax Incentivised Savings Association’s recommended timeframe for the re-registration of assets is 11 days, Bravura users can see this timeframe slashed to less than 24 hours, the firm said in a statement.