It's called 'Repoint' and has been featured in The Rail Engineer:
New Thinking for Point Operation
"Instead of sliding the rails across, why not lift them away from the sleeper base and lower them into a new position? This is the principle behind the new thinking.
In simplistic terms, three modified stretcher bars between the two stock rails (the outer rails) are fitted with two positioning slots (or more depending on the type of point) into which downward facing studs fitted to three actuator bearers that connect the two switch rails are lowered. The fit of the stud to the slot has to be exact, with strict tolerances, so as to achieve a prevention of movement that effectively locks the points into position.
When the point is reversed, motorised cams in the actuator bearers lift the two switch rails out of the slots, drive the rails across to the reverse position and lower them into different slots on the stretchers linking the stock rails. The power needed for this movement is calculated as less than sliding a conventional point."