Stripe rolls out AI foundation model for payments

Stripe has said it has built the world’s first AI foundation model for payments.

The move comes as the financial services company launches several new products designed to enable businesses to harness AI and stablecoins to accelerate their growth.

The company says that its new AI foundation model, which has been trained on “tens of billions” of transactions, captures “hundreds” of signals about each payment which other models cannot.

It added that the model will be deployed across its payments suite to improve performance at a level which was not previously attainable.

With its previous models, Stripe said it gradually reduced card testing by 80 per cent over two years. By applying the new foundation model, Stripe increased its detection rate for attacks on large businesses by 64 per cent almost overnight.

Additionally, Stripe has launched Stablecoin Financial Accounts, a new money management capability powered by stablecoins.

This will be available to businesses in 101 countries and allow them to hold a balance in stablecoins, receive funds on both crypto and fiat rails, and send stablecoins around the world.
Stripe said these accounts will allow entrepreneurs in countries with volatile currencies to hedge against inflation and more easily access the global economy.

Alongside Stablecoin Financial Accounts, Stripe also announced the ability for businesses to hold and manage balances in multiple currencies in their existing Stripe account.

The company said a business will be able to store money in the currency in which it is received, convert between currencies, and create virtual and physical cards for each currency.

Stipe claims this new feature will help multinational companies avoid the unnecessary foreign exchange fees they often incur when moving money between countries.

These multicurrency balances will first be available for businesses in the US and the UK, before rolling out to the Eurozone later this year.

“We’re building programmable financial services to make money as easy to manipulate and manage with code as data is,” said Will Gaybrick, Stripe’s president of product and business. “Across dozens of new launches we unveiled today, we’re putting AI and stablecoins to accelerate our users’ growth.”