Banking Circle joins forces with FIFA Clearing House

Augmenting football transfer payments and financial transparency

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.

When commenting on this partnership, Laust Bertelsen, CEO of Banking Circle, said they are delighted to be working with the FCH and supporting FIFA in its ongoing commitment to introducing fundamental changes to the football transfer system. 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 to operate as a payment institution.

The CEO and President of FCH, Frans van Proosdij, said that delivering secure and transparent payments requires the right banking partner. Banking Circle provides them 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.

In June 2023, French amateur club SC Malesherbois became the first recipient of a payment processed by the FCH.

What does Banking Circle do?

Banking Circle is the payments bank for the new economy. As a fully licensed bank, free of legacy systems, Banking Circle enables payments companies and banks of any scale to seize opportunities in the new economy – quickly and at low cost.

The company is a modern correspondent bank committed to building a local clearing network for all major currencies, to deliver fast, low-cost payments with no hidden fees for the beneficiary. It provides a suite of unique banking solutions, including multi-currency banking accounts and virtual IBANs, bank connections for local clearing and cross-border payments, all underpinned by market compliance and security.

Through bespoke, flexible, scalable, and future-proof solutions, Banking Circle is enabling financial institutions to help their customers transact across borders in a way that was previously not possible.