Stripe unveils AI foundation model for payments, reveals ‘deeper partnership’ with Nvidia

Fintech giant Stripe announced Wednesday a slew of new product launches at its annual Stripe Sessions user event. The highlights include: a new AI foundation model for payments; stablecoin-powered accounts; a new Orchestration offering, and a recent migration with chip behemoth Nvidia. Stripe’s payments foundation model has been trained on tens of billions of transactions, Emily Glassberg Sands, Stripe’s head of information, said. So it “captures hundreds of subtle signals about each payment” that other models would miss, she said. One use case is improved fraud detection. Stripe’s previous models “gradually” reduced card testing attacks by 80% over two years. Card testing attacks are a type of fraudulent activity in which someone tries to determine whether stolen card information is valid so that they can use it to make purchases. The company claims that its new foundation model increased its detection rate for such attacks on large businesses “by 64% practically overnight.” She ... Read full article.