Transact, along with a number of other organisations, took part in the original working group to develop the Calastone re-registration service, and has now chosen the solution to automate its own re-registration process.
“Under FSA regulations it is compulsory for platforms to offer re-registration of assets,” said a release from Calastone, which added that while these regulations do not stipulate that this process must be automated, it is “widely acknowledged” that an electronic STP solution is preferable.
The service allows the transfer of legal title in fund units between nominees. It enables STP for "in specie" transfer of assets and provides full visibility to all parties during the lifecycle of the transfer.
Ian Taylor, CEO of integrated financial arrangements, said: "Calastone has a strong track-record of delivering flexible and scalable solutions that help to reduce risk and costs without requiring additional software spend. We welcome the fact that someone has delivered a cost effective system that can transfer legal title in seconds. This can only be a good thing for the end investor."