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SoFi Partners with Lightspark to Power Blockchain-Enabled International Money Transfers
SoFi (NASDAQ: SOFI) announced its upcoming international money transfer service, enabling members to send funds abroad directly from the SoFi app with lower fees and faster delivery compared to traditional remittance service providers.
Lightspark, a leading enterprise infrastructure provider that uses the Bitcoin Lightning Network, will enable the technology via Universal Money Address (UMA), to send and receive money seamlessly, with access to an open global network for payments. SoFi will be one of the first US-banks to offer a blockchain-powered remittances service.
“For many SoFi members who regularly send money to loved ones internationally, the ability to quickly transfer money at low cost isn’t just a convenience, it’s a meaningful improvement to their everyday financial lives,” said Anthony Noto, SoFi CEO. “By embedding this directly into SoFi’s app, we’re unlocking the value of blockchain technology, to give members faster, smarter, and more inclusive access to their money.”
“SoFi is one of the most innovative and forward-thinking financial platforms in the US today,” said David Marcus, CEO and co-founder of Lightspark. “Digital banks are embracing UMA because it’s fast, cheap, and secure, and it uses the only open payments network that exists, Bitcoin. UMA on SoFi means customers can move dollars instantly, any time, globally, and we’re excited to see the demand via SoFi’s waitlist, proving that people are ready for the future of payments.”
SoFi’s international money transfer service will launch later this year. SoFi will be one of the lowest cost platforms to transfer money internationally, with the total costs being below the current national average. To ensure full transparency, exchange rate and fees will be displayed up front, before members hit send. The service will be available 24/7 directly on the SoFi app, without needing to use a third-party app.
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