The five imagers (and lenses) of RedEdge are not registered or aligned mechanically. This is because the level of precision to be able to do this mechanically and get good alignment results is quite high (and unrealistic). In addition, shock, vibration, or handling of the camera can easily shift the alignment slightly, enough to be very noticeable in the output image.
Alignment of the bands is handled in post-processing of the data. When using ATLAS, the output is a 5-layer GEOTIF where all 5 layers are aligned to each other at the sub-pixel level. Other post-processing applications (like Pix4DMapper for example) also have workflows for creating aligned orthomosaics.
See the ZIP file with 5 image files attached to this article for an example of what a typical single capture will look like as far as alignment of the bands is concerned.