Transfast, a provider of cross-border person-to-person payments products, earlier this week announced the expansion of its mobile and online funds transfer service into China, according to a press release. Consumers now have the ability to use a iOS mobile device or desktop computer to transfer funds into recipients’ accounts at all major Chinese banks, delivered within 24 hours.

"There's a huge need for transfers to China," Samish Kumar, Transfast CEO, said in a statement. 

Transfast said recent data shows transfers from North America to China amounted to $16 billion in the past year, and are projected to grow. 

Transfast claims in the announcement its service to China provides the most flexible options for recipients. Direct bank transfers can be sent to all major Chinese banks, including ICBC Bank, China Construction Bank Corp., Agricultural Bank of China Ltd. and Bank of China Ltd.