It means that the FCH has been given the authorisation from the body to collect and process payments on the behalf of football clubs, which are in accordance with the European Union Payment Services Directive.

The new independent entity was first ratified by the FIFA Stakeholders Committee prior to the FIFA Council endorsing it in October 2018 and has been set up in France.

"Following the recent decision by the French banking supervisory authority, and after having concluded the necessary banking agreements, we expect to start operating very soon," Emilio García Silvero, FIFA's chief legal and compliance officer, remarked.

It was formed with two main goals, one of which is to centralise, process and automate payments between football clubs with the aim of improving training compensation and solidarity contribution.

The other relates to the promotion of financial transparency and integrity within the international football transfer network.

A report from the Council of Europe's Group of States Corruption in May last year suggested the FCH would "represent a milestone in achieving comprehensiveness, transparency and integrity of the transfer system around the world".

"The FIFA Clearing House is a key aspect of FIFA's ongoing efforts in relation to the reform of the transfer system, which are essential to shape the future of football and should be based on the principles of good governance and solidarity," said Victor Montagliani, FIFA vice-president and chairperson of the Football Stakeholders Committee.