Lightspark has introduced a groundbreaking cross-border payment solution that enables instant money transfers from the United States to Mexico using Universal Money Address (UMA) technology.
The new cross-border payment solution allows U.S. bank account holders to send USD to Mexican bank accounts, with recipients receiving MXN within seconds. Operating 24/7/365, the system utilizes bitcoin and Lightning technology as a global settlement network.
Key features of the Cross-border Payment Solution Service include:
– Instant USD to MXN transfers
– Compatibility with existing bank accounts
– Simple, email-like address system
– Universal access for U.S. and Mexican bank account holders
– Compliance with money transfer regulations 
The technology powering this service, Lightspark Extend, ensures ultra-fast and cost-effective transactions.
This development is particularly significant for the U.S.-Mexico remittance market, which is projected to reach $65 billion in consumer payments and $840 billion in business transactions in 2024.
UMA’s impact is expected to expand rapidly on a global scale. By the end of 2024, the service is anticipated to be available to nearly 300 million customers across 140 countries and 100 currencies.
The launch addresses common pain points in international money transfers, such as high fees and long processing times. Traditional bank transfers can take several days and often involve multiple intermediaries, each adding their own fees.
UMA’s use of blockchain technology allows for near-instantaneous settlements, significantly reducing costs and time delays associated with traditional cross-border transfers.
The company has implemented several security measures to ensure the safety of transactions. These include compliance with KYC and AML requirements, as well as leveraging the security protocols of the Bitcoin network.
As the service rolls out, it faces competition from established players in the remittance market, as well as fintech startups. However, UMA’s unique approach using blockchain technology sets it apart in terms of speed and cost-effectiveness.
The launch of UMA’s cross-border payment solution service marks a significant step in the evolution of cross-border payments, potentially reshaping how businesses move money across international borders in the digital age.
