American technology company Stripe, which provides secure online payments using plastic cards, has announced the launch of new products.
American technology company Stripe, which provides secure online payments using plastic cards, has announced the launch of new products.
The company plans to deploy a core AI model, The Payments Foundation Model (PFM), to improve fraud detection and authorization, PYMNTS reports. The model is trained on tens of billions of transactions and includes hundreds of «subtle signals» per payment that it says specialized models cannot capture.
PFM is planned to be added to the payment suite to improve performance. According to Stripe, the solution will be effective against card testing attacks. According to preliminary data, the PFM AI model has increased the attack detection rate by more than 80%, compared to the results of previous models two years ago.
Another product announced by the company will be the launch of stablecoin-powered financial accounts. Businesses using these accounts can hold stablecoin balances, receive payments via both cryptocurrency and traditional fiat systems such as ACH and SEPA, and send stablecoins to most markets around the world. These accounts are designed to be accessible to businesses in 101 countries.
To address the problem of stablecoin spending at businesses that only accept fiat currency, Stripe’s recently acquired stablecoin platform Bridge has partnered with Visa on a global card issuance product. The collaboration allows fintech companies to issue Visa cards linked to stablecoin wallets, allowing for spending at any of the 150 million merchants worldwide that accept Visa. When a purchase is made, Bridge facilitates the conversion of stablecoins into fiat for the merchant.
«Our mission is to push these technologies forward so that businesses on Stripe can benefit from them immediately,» said Stripe co-founder and CEO Patrick Collison, calling AI and stablecoins two «storm-force tailwinds that are fundamentally changing the economy.»
Stripe is a multinational fintech company that offers payment processing software and application programming interfaces for e-commerce websites and mobile applications.
The company was founded in 2010 by entrepreneurial brothers John and Patrick Collison, who serve as its president and CEO, respectively. In 2011, the company received $2 million in investment, including contributions from Elon Musk, PayPal founder Peter Thiel, Irish entrepreneur Liam Casey, and venture capital firms Sequoia Capital, Andreessen Horowitz, and SV Angel.
In 2024, the company was valued at about $91 billion with a volume of processed payments of over $1.4 trillion.
Mykhailo Fedorov reported in March 2021 about the negotiations being conducted by the Ministry of Digital Affairs regarding the launch of the new Stripe payment system in Ukraine.
The company announced a number of large enterprise customers throughout 2022 and 2023, including Airbnb, Amazon, Microsoft, Uber, BMW, Maersk, Zara, Lotus, Alaska Airlines, Le Monde, and Toyota. The company also announced in March 2023 that OpenAI was partnering with Stripe to commercialize its generative artificial intelligence technology.
In January 2023, it was reported that Stripe had laid off 300 people, including engineering and product staff. Some of them received an email with a cartoon duck attached to their layoff notice.
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