Lightspark, a cross-border payment company, has launched new technologies, Lightning and Universal Money Address, to transform cross-border payments with speed and efficiency.
The firm unveiled its latest innovations during its Developer Day at Zone Tech Park, recently in Lagos.
Speaking at the event, the co-founder and chief technology officer of Lightspark, Kevin Hurley, said, “Lightspark aims to create an open network that enables seamless global payments, bypassing traditional banking limitations. With 200 million users globally, the company has been a pioneer in leveraging advanced technologies like Lightning and the Universal Money Address.
“UMA is like a human-readable identifier that enables instant, low-cost payments across borders.”
According to Hurley, you can send money in your currency and have it received in the recipient’s currency instantly.
“This technology breaks down financial borders, creating a global interoperability layer,” he added.
Also, the Vice President of Products at Lightspark, Nicolas Cabrera, described Lightning as a layer two solution built on Bitcoin.
Cabrera said, “Lightning acts as an instant settlement layer for cross-border transactions, converting fiat into Bitcoin-based assets.
“It ensures decentralised liquidity while bypassing regulatory bottlenecks.”
He further explained that UMA is the company’s messaging protocol that facilitates secure communication between financial institutions.
Cabrera stated UMA’s role in ensuring transactions are authenticated and compliant with regulatory standards, such as Know Your Customer requirements.
“Before money can be sent, UMA ensures that both the sender’s and receiver’s institutions validate the transaction. This happens instantly, creating a seamless experience,” Cabrera added.
Lightspark’s innovative approach combines Lightning’s decentralised settlement capabilities with UMA’s efficient communication protocol, offering users fast, secure, and cost-effective cross-border payments.
He reaffirmed Lightspark’s commitment to transforming global payments by using blockchain to drive transparency, efficiency, and inclusivity in cross-border transactions.