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SoFi, the fintech giant, has officially announced the development of a new tool for international transactions, which will be based on the use of blockchain technology. As part of its drive to expand the range of banking services, the company plans to add a feature to its popular app that will allow users to send money abroad almost instantly and with minimal fees. The Bitcoin Lightning Network was chosen as the main solution for this task, and Lightspark will become their partner.

This step is aimed at solving the problems associated with traditional international payments, such as high fees and long processing times.

The new system is based on the Universal Money Address (UMA) standard, which will make it possible to connect familiar bank details with blockchain addresses. The payment will be processed in several steps: first, the dollars are converted into bitcoins, then the funds are sent abroad via the Bitcoin Lightning Network, and at the end they are converted back into the local currency and credited to the recipient's account. All this happens automatically, without any user involvement in cryptocurrency transactions.

The first region to launch the service will be Mexico. The company plans to gradually expand the geography of transfers. According to SoFi representatives, transfers will be cheaper than the market average, and fees will be completely transparent and known before the transaction is confirmed. The main advantage is that transfers will be available 24/7, without breaks or weekends.

Experts believe that the successful launch of blockchain transfers will give SoFi a serious advantage in the international payments market. Unlike traditional systems that use correspondent accounts, the Lightning Network theoretically allows transactions to be carried out with minimal cost and lightning speed.