Lightspark, a cutting-edge cross-border payment company, recently hosted its much-anticipated Developer Day. The event brought together developers, payment experts, crypto enthusiasts, brand influencers, celebrities, and media professionals to showcase the company’s innovative solutions for global payments.
Kevin Hurley, Co-founder and CTO of Lightspark, explained the unique capabilities of the company’s payment platform.
“It’s a truly open and neutral platform that anyone can join. With incredibly low fees and instant payments, it eliminates barriers between countries, allowing seamless money transfers across borders and currencies,” Hurley said.
He emphasised the system’s inclusivity, stating that the platform supports interoperability, enabling mobile apps and various financial platforms to integrate effortlessly. Hurley highlighted its potential to connect African countries to the global financial system, allowing direct transfers between Nigerian and international bank accounts through the Lightning Rails and UMA (Universal Money Address).
Nicolas Cabrera, Lightspark’s VP of Product, introduced the UMA protocol, describing it as a groundbreaking development in financial technology.
“UMA enables compatibility between fragmented ecosystems, such as banks, exchanges, fintech platforms, and wallets. Africans, for instance, can now send money from one country and currency to another securely, easily, and instantly,” Cabrera explained.
According to Cabrera, the protocol allows any financial institution enabled on UMA to seamlessly communicate and transact, removing the need for exclusive partnerships between organisations. He outlined three key differentiators:
Open Network enables users to integrate UMA with their existing wallets, bank accounts, and financial platforms without the need for a new app or service. The system supports global interoperability with banking systems, offering currency flexibility for transactions using stablecoins, Bitcoin, or fiat currencies. Lightspark envisions a future where money moves as effortlessly as content on the internet, with sophisticated infrastructure seamlessly integrating into existing financial systems, as described by Cabrera.
“We’re not replacing banks or centralised institutions; instead, we’re enhancing their capabilities to make global money transfers faster, secure, and more accessible,” Cabrera noted.
Addressing concerns over security, Cabrera stated that the UMA protocol incorporates stringent measures to prevent fraud and comply with regulatory requirements.
“Compliance is built into the system. Transactions only occur after financial institutions confirm regulatory screenings and KYC processes on both ends,” he said.
While Lightspark currently collaborates with neobanks and digital banks, Cabrera acknowledged plans to bring commercial banks into the network.
“We have over 300 million UMA-enabled assets globally and aim to expand further, especially in Africa, where this technology can significantly enhance financial inclusion,” he said.
Join BusinessDay whatsapp Channel, to stay up to date
Open In Whatsapp
