Fintech giant Stripe made waves this Wednesday, launching a fresh batch of products at its annual Stripe Sessions event. And trust us, it's not just another snooze-worthy tech talk; we're talking serious game-changers here.
First up, Stripe unveiled its shiny new AI foundation model for payments, which has been trained on tens of billions of transactions. As Emily Glassberg Sands, Stripe’s head of information, explains, this model “captures hundreds of subtle signals about each payment” that its competitors would totally miss. Pretty cool, right?
Enhanced Fraud Detection
One of the biggest perks of this model? Fraud detection. Stripe’s previous models cut down card-testing attacks by 80% over two years. But this new model? It upped its fraud detection rate for large businesses by a staggering 64% overnight. That's what we call a major flex.
“We couldn’t take advantage of our vast data before. Now we can,” Emily quipped.
No more playing catch-up, Stripe’s now miles ahead.
Self-Supervised AI for Superior Fraud Detection
And while Stripe is certainly leading the charge, it’s not alone. Take Sardine, for instance – an AI platform for fraud, compliance, and credit underwriting that raised $70 million in Series C funding earlier this year. But no one’s worried. Stripe’s big secret? A self-supervised, generalized machine learning model that adapts better to fraud patterns and outperforms specialized models time and time again. Agility, folks. It’s all about agility.
Stablecoin-Powered Cards for Global Businesses
Then, Stripe had another bombshell to drop: stablecoin-powered, multicurrency cards for businesses. Yep, you heard that right. With this new partnership with startups like Ramp, Squads, and Airtm, businesses will be able to operate in the same currency across borders. Welcome to the future of global finance, my friends.
This move follows closely on the heels of Stripe’s acquisition of the stablecoin platform Bridge just three months ago, making sure they’re all set for the next big thing. And they’re not stopping there. Stripe’s Orchestration tool is now here to help businesses manage, optimize, and track performance across multiple payment providers. Whether you're using Stripe as your processor or not, this tool’s got your back.
AI-Powered Customers and Fast Migrations
Stripe’s event wasn’t just about the tech, though. It was a celebration of its growing roster of AI-powered customers. Think Windsurf, OpenAI, Anthropic, Cursor, Perplexity, and ElevenLabs, all using Stripe’s billing product.
But wait, there’s more. Vivek Sharma, Stripe’s head of revenue automation, shared a jaw-dropping stat: Nvidia migrated its entire subscriber base to Stripe Billing in just six weeks. Normally, that would take months! This migration was officially dubbed the “fastest-ever migration to Stripe Billing.” Talk about efficiency.
More Exciting Announcements from Stripe
The cherry on top? A bunch of additional updates that Stripe dropped at the event, including:
- 25 new payment methods (hello, UPI and PIX!), bringing the grand total to over 125.
- Klarna is coming to Stripe’s consumer payments product Link this summer.
- Stripe Terminal now supports third-party hardware, starting with Verifone.
- A brand new Managed Payments offering for businesses to handle global taxes, fraud prevention, disputes, and fulfillment.
- Smart Disputes, which uses AI to automate dispute handling.
- Stripe Tax now covers 102 countries (up from 57 last year), with full automation of the tax lifecycle.
- Global Payouts makes it easy for businesses to pay out to customers, contractors, and third parties with just an email address.
Looks like Stripe is just getting started, and the fintech world is in for a very exciting ride.
Emmanuel Ekokotu
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