What Do NUCC and UnionPay Actually "Clear"? The Middle Layer of Payment Clearing, Explained
Starting from the five-layer infrastructure behind a QR code payment, this article breaks down the difference between clearing and settlement: how NetsUnion and UnionPay calculate net positions between institutions, after which the transactions enter the PBOC's High-Value Payment System for final settlement. It also compares non-bank payment institutions' access to central bank infrastructure across five jurisdictions.