Swiss federal prosecutors said in a statement Tuesday that there was no legal basis for the 2 million dollars being paid in 2011 to Platini, declared as money for work as a FIFA consultant 1998-2002.
"This payment damaged FIFA's assets and unlawfully enriched Platini," the prosecution statement said.
Blatter, 85, and Platini, 66, are now to stand trial at a criminal court in Bellinzona.
Prosecutors said that Platini had already been paid by FIFA for his consultant work before the 2-million-dollar payment.
The criminal investigation against Blatter started in autumn 2015, after he had said in the wake of police raids and arrest of FIFA officials on corruption charges that he would step down as president of the world football governing body.
Both were banned for years by the FIFA ethics committee which ended their careers, with Platini previously expected to succeed Blatter as FIFA boss one day.
Only Blatter was originally named a suspect with Platini added only last year.
Blatter has been charged with fraud, misappropriation of FIFA funds and mismanagement, plus forgery of a document. Platini has been charged with fraud, misappropriation, forgery and as an accomplice to Blatter's alleged mismanagement.
Both men have protested their innocence and said they had a verbal agreement over the payment.
