This allows the company to process payments, settle transactions and transfer funds between lending institutions, banks and the businesses that are part of its Lending Hub ecosystem.
China UnionPay is a State-owned entity and a POS electronic funds transfer network, linking all the ATMs of all banks throughout the country.
During the month of June 2021, 117 Lending Hub registered businesses created virtual bank accounts within the ecosystem. Over that same period, Peak processed more than 1,200 fund transfer and payment settlement transactions in and out of those virtual bank accounts. While part of those funds were transferred to real bank accounts held outside of the company's ecosystem, the majority of the funds were still held in virtual bank accounts within the Lending Hub ecosystem at the end of the month.
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