SoFi (NASDAQ: SOFI) is set to roll out an international money transfer service later this year, making it one of the first U.S. banks to adopt blockchain technology for remittances. The service will allow members to send money abroad directly through the SoFi app with lower fees, faster delivery, and full transparency on exchange rates and costs.

Powered by Lightspark’s infrastructure and the Bitcoin Lightning Network, the feature will use Universal Money Address (UMA) to enable seamless global payments. This move places SoFi at the forefront of digital banking innovation, unlocking faster, smarter, and more inclusive financial access for its members. CEO Anthony Noto emphasized the significance of reducing costs for customers who regularly send money to loved ones overseas.

Lightspark co-founder David Marcus praised SoFi’s leadership, noting that UMA enables instant, low-cost transfers on Bitcoin’s open payments network. With around-the-clock availability and one of the lowest costs in the market, SoFi aims to set a new standard for international money transfers.

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