SoFi is pioneering cross border payments by integrating the Bitcoin Lightning Network and Universal Money Addresses (UMA) into its suite of financial services. This move positions SoFi as the first U.S. bank to directly leverage these blockchain technologies for international money transfers.
Using this system, SoFi members can convert U.S. dollars into Bitcoin in real time, transmit funds via the Lightning network with an email style UMA identifier, and deliver converted local currency to recipients without middlemen. Transfers will begin with Mexico and expand to other countries, offering 24/7 availability and fees below the U.S. national average.
All fee and exchange rate details are transparently displayed before users confirm the transaction. Backed by Lightspark’s infrastructure, the system promises speed, reliability, and cost savings.
This marks a turning point in fintech by bringing decentralized technology into regulated banking. It demonstrates how digital rails can enhance traditional remittance flows, benefiting millions who send money internationally.
