London, 28th August 2023 – Banking Circle, the tech-led payments bank, has joined forces with the FIFA Clearing House (FCH) to process and streamline the payment of training rewards (solidarity mechanism and training compensation) corresponding to international player transfers in an efficient and secure manner, in line with the mission of the FIFA subsidiary.
Thanks to Banking Circle, the FCH will have access to direct clearing with central banks and a solid worldwide banking network, with the ultimate objective of centralising and automating payments between clubs, while promoting financial transparency in the transfer system.
“We are delighted to be working with the FCH and supporting FIFA in its ongoing commitment to introducing fundamental changes to the football transfer system”, said Laust Bertelsen, CEO of Banking Circle. “Utilising Banking Circle’s accounts and payment rails will enable the FCH to streamline the payment process, while also reducing the costs and time incurred with each payment for the benefit of the football community.”
The FCH is a key element of the transfer system reform implemented by FIFA to promote and protect the integrity of professional football. It has been operating since November 2022 from its offices in Paris after being granted a licence by the French Prudential Supervision and Resolution Authority (Autorité de contrôle prudentiel et de résolution) to operate as a payment institution.
“Delivering secure and transparent payments requires the right banking partner. Banking Circle provides us with direct access to clearing in multiple countries, meaning faster, more cost-effective and more transparent international payments for all clubs, thereby making a valuable contribution to FCH operations,” commented Frans van Proosdij, FCH President and CEO.
In June 2023, French amateur club SC Malesherbois became the first recipient of a payment processed by the FCH.