While the use of power electronics based Smart Transformer (ST) is becoming a reality in traction applications, and it has been considered as an interesting option for interfacing different transmission systems, the possibility to use it in distribution systems is still considered futuristic. Replacing primary distribution transformers with ST can lead to more flexible handling of the distribution feeders, while replacing secondary distribution transformers can allow decoupling of distribution network. This paper reviews different power converter solutions for the ST focusing on modularity, control and communication needs, to meet high reliability requirements. Five topologies for the ST are considered and compared.