Frequently asked questions

Modified on Mon, 28 Oct at 3:44 PM

TABLE OF CONTENTS

The basics
Setting up your UMA

The basics

What's a Universal Money Address (UMA)?

A Universal Money Address, or UMA for short, is a "human-readable" address. One way to think about it is an email address for money—you can use your UMA to to send or receive money. UMAs are offered via wallets, exchanges, and banks.

What is the UMA protocol?

The UMA protocol is a messaging standard that enables interoperability between wallets, exchanges, and banks so that someone can use their UMA to send money to anyone else with an UMA account.

How does UMA work?

The UMA protocol is an open-source addressing and messaging standard. It uses Lightning addresses and provides additional transaction and compliance messaging capabilities to enable fast, efficient payments over the Bitcoin Lightning Network. Wallets, exchanges, and banks can use the UMA protocol to enable real-time, low-cost payments for their customers. UMA enables interoperable payments between users of UMA-enabled accounts in any currency supported by their wallet providers.

What is link.uma.me?

Link.uma.me is a web portal where people can create an UMA address and link that UMA address with a bank account using a third-party accreditation service. Link.uma.me is powered by Lightspark, an enterprise-grade Lightning implementation provider. Lightspark has partnered with Zero Hash LLC, a financial institution that provides digital asset services. Lightspark and Zero Hash have partnered to provide Bitcoin Lightning payment services so that eligible customers who create an UMA address through link.uma.me and onboard with Zero Hash can receive real-time payments over the Lightning Network directly to their bank accounts with funds in USD rather than holding bitcoin. Lightspark hosts these UMA addresses, and Zero Hash uses those UMA addresses to accept Lightning payments in bitcoin on the customer’s behalf and immediately deposit them in USD to their UMA-linked bank account.

Setting up your UMA

How do I claim an UMA address?

To obtain an UMA address from link.uma.me, you will first need to onboard as a Zero Hash customer. You will then create your UMA address and link it to your bank account using Plaid, a third-party service that lets you securely connect your financial accounts to apps and services you want to use. You will also have to give Zero Hash authorization to convert payments you receive at your UMA address from bitcoin to USD funds and send those funds automatically to your bank account. You will only need to do this once. Once that step is completed and you have your UMA address linked to a bank account, you can receive payments from senders with UMA-enabled wallets through your UMA address at your linked bank account. Payments will be received instantly and at a low cost.

Do I need to verify my identity for UMA?

To obtain an UMA address from link.uma.me, you must be onboarded with Zero Hash, including going through Zero Hash’s KYC (Know Your Customer) process. Zero Hash is a regulated financial institution with specific requirements for this process. You may be required to provide identifying information and documentation to Zero Hash to complete the onboarding and KYC process.

How do I connect my link.uma.me UMA address to my bank?

Link.uma.me utilizes Plaid, a third-party service that lets you securely connect your financial accounts to apps and services you want to use. The sign-up flow for Plaid includes simple instructions. You'll be asked to select your financial institution and enter your login credentials. Plaid then encrypts and shares the data you choose. Your account information will only be used to direct payments to your connected bank account. Lightspark and Zero Hash do not have access to your bank account information.

What banks are supported for deposits?

Only banks accepting payments over TCH's Real-Time Payments (RTP) network are currently supported. A wide range of banks support RTP in the US, including most major financial institutions such as Chase, Bank of America, and regional banks. The full list of RTP Network participating financial institutions can be found at https://www.theclearinghouse.org/payment-systems/rtp/rtp-participating-financial-institutions

How do I change or remove the bank account linked to my link.uma.me UMA address?

You can modify your connected bank account using your link.uma.me account portal. To change the bank account, click Replace in the Payments settings section. You can select a new bank account through Plaid. After confirming the new account and authorizing Zero Hash to make Real-Time Payments, any subsequent payments will be sent to that account.

To remove your linked bank account, click Remove in the Payments settings of your link.uma.me account portal. Once you've removed your bank account, you can no longer receive UMA payments until you connect a new bank account.

How do I change my link.uma.me UMA address?

You can change your UMA address and other account information from your account portal. Click the Edit button in the 'Your UMA' section and enter your new UMA address. You can change your UMA up to 2 times, but you will only receive payments at the most recent UMA address you've selected. There are some restrictions on the types of UMA addresses people can choose - find out more here.

Do I have to authorize payments to my bank account to receive payments through my link.uma.me UMA address?

Yes. To receive automatic deposits to your bank account, you must agree to the Zero Hash Standing Real-Time Payments (RTP) Authorization Agreement.

If you're experiencing onboarding or identity verification issues, you'll need to contact the Zero Hash support team. They can guide you through their onboarding process and resolve any problems. Before reaching out, double-check that your submitted documents are clear and unedited, that if you have been asked for your selfie, it matches your ID, and that all information is accurate. If you encounter technical glitches, try using a different browser or device and clearing your cache/cookies.