That is the definition of peer review. Every journal does that. You have a "stable" of reviewers that you can call on regularly - they are called "Academic Editors" but are not employees, just regular referees for the Journal's papers. Those inner-circle reviewers than choose additional outer-circle reviewers (from the global scientific community) who are the experts in the field. Both the Academic Editors and the outside reviewers review the manuscripts. Then they and the authors work together with Editors - the paid journal staff - to make the paper better.

If that is not peer-review, I don't know what is.