Four major third party administrators (TPAs) have selected UK-based Calastone for automated re-registration.

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.

Legal & General Investments has been operating this service since mid of this year, as a provider which administers its own funds.

Calastone said that the service added will now be interoperable with 82% of the fund manager market and covers 91% 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.

According to Calastone, Legal & General Investments will now be able to realize the transaction through STP within 48 hours. The re-registration capability is fully compliant with industry standard ISO 20022.

In addition, Calastone will be working to support the Tax Incentivised Savings Association (TISA) through its TeX initiative in a move that will see their combined forces facilitating two-way automatic in specie asset transfers through re-registration across all platforms.

Jeffrey Mushens, technical director of TISA, said: "Automated re-registration solutions take costs and delays out of back offices and give customers more control of their assets. We are very pleased to support all initiatives that deliver such benefits to customers and firms."

Paul Wilkinson, head of investor dealing at Legal & General Investments, said: "Since we agreed to use the Calastone service for automated re-registration it has allowed us to facilitate asset transfers instantly rather than our clients suffering time out of the market.

"In administering our own fund traffic, it is vital that we have tighter control and are using the most efficient, cost-effective system possible," Wilkinson added.