This tutorial shows how to create a compound that can transfer color per Vertex data from one mesh to another.
Bifrost turns out to be much more than a VFX environment. You can create anything from IK solvers to mesh deformers. The Maya Learning Channel posts a look into how to make a Bifrost Compound that can transfer color per vertex (or CPV) values from one mesh to another. The compound uses a method to find the nearest points from one mesh to another.
It then uses that information to transfer CPV data between the two objects. Color per-vertex or CPV is useful in 3D work for a variety of things like moving prelighting information, creating texture variations or using them to troubleshoot mesh interpenetrations or intersections.
You can download the Transfer closest CPV compound here.