SoFi Technologies (NASDAQ: SOFI) is preparing to roll out a new international money transfer feature later this year, marking a major milestone as one of the first U.S. banks to adopt blockchain technology for remittances. This innovative service will allow SoFi members to send money abroad quickly, securely, and affordably—right from the SoFi app.
Lower Fees and Faster Transfers for Global Payments
The new international transfer service will leverage Lightspark’s blockchain infrastructure and the Bitcoin Lightning Network, known for its ability to process payments in seconds at a fraction of traditional costs. With this move, SoFi aims to cut the high fees and delays that often come with conventional cross-border payments.
The service will also introduce a Universal Money Address (UMA)—a unique identifier that simplifies global payments. By using UMA, SoFi members can send money internationally with greater ease, full transparency on exchange rates, and 24/7 availability.
SoFi Leads the Way in Digital Banking Innovation
SoFi’s CEO, Anthony Noto, highlighted the importance of affordable and efficient remittance solutions, especially for customers who regularly send money to family members overseas. He emphasized that this step aligns with SoFi’s mission to improve financial access and provide cutting-edge banking services to its members.
David Marcus, co-founder of Lightspark and a former PayPal executive, praised SoFi’s leadership in embracing open payments systems. He noted that the integration of UMA and the Lightning Network offers one of the most cost-effective, instant, and scalable solutions on the market.
By adopting blockchain for everyday banking functions, SoFi is setting a new standard for how financial institutions can empower users with smarter and more inclusive tools for managing money—locally and globally.
