Stripe announces ‘world’s first’ AI model for payments

The fintech giants also introduced stablecoin money management capabilities, as well as a stronger partnership with Nvidia.

Earlier this week, fintech giant Stripe announced a slew of new product launches, including introducing the “world’s first” artificial intelligence (AI) foundation model for payments.

According to the company, the AI model is trained on billions of transactions, capturing subtle signals about each payment that other specialised models cannot.

By applying the new model, Stripe claims to have increased its detection rates for attacks on large businesses by 64pc “practically overnight”.

The new feature will be deployed across Stripe’s payments suite and is set to improve performance in ways that were not possible previously, it said.

The Collison brothers’ founded company also launched new money management capabilities run by stablecoins – a type of cryptocurrency designed to maintain a stable value, typically by being tied to a stable asset like a fiat (government-issued) currency.

Last year, Stripe acquired stablecoin platform Bridge in a $1.1bn deal, marking the largest acquisition for the company and reiterating its interest in providing cryptocurrency services.

The company brought back crypto payments as part of its offering after taking a six year hiatus in 2018.

The new stablecoin financial accounts will be accessible to businesses in 101 countries, allowing enterprises to hold a balance in stablecoins, receive funds on both crypto and fiat rails, and send stablecoins to many parts of the world.

“These accounts will allow entrepreneurs in countries with volatile currencies to hedge against inflation and more easily access the global economy,” Stripe said.

Last week, Bridge partnered with Visa to launch the first global bank card linked to stablecoin wallets. Now, when a customer makes a purchase, Bridge deducts the funds from their stablecoin and converts it into fiat, enabling payments in local currencies. Visa began offering cryptocurrency services back in 2021.

In addition, Stripe also announced this week that chipmaker Nvidia migrated its entire subscriber base to Stripe’s billing systems, while PepsiCo has expanded its partnership with the fintech to modernise payments for its offerings in the US.

Don’t miss out on the knowledge you need to succeed. Sign up for the Daily Brief, Silicon Republic’s digest of need-to-know sci-tech news.