Four leading third party administrators have selected Calastone for automated re-registration.

Four leading third party administrators have selected Calastone for automated re-registration. With these partnerships, the firm now connects a majority of the funds market for automated asset transfer.

BNY Mellon and Northern Trust are now live with the service, while IFDS will go live with its automated re-registration service later this month and Capita is set to go live in December.

With their addition, the service is now interoperable with 82 per cent of the fund manager market and covers 91 per cent of platforms, including the Novia, Transact and Axa Elevate platforms.

The global fund transaction network first launched its re-registration process in 2011, driving the industry’s requirement for automated re-registration between platforms.

The system allows for clients to send and receive messages through any of the existing operating systems, whether its FIX, Swift-enabled or manual. The system then translates these messages into a single format, ensuring the re-registration of those assets is in line with FCA requirements.

This has, for instance, enabled Legal & General Investments to realise transactions via STP within 48 hours, the statement said. In addition, the re-registration capability is fully compliant with industry standard ISO 20022.