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Fintech giant Stripe<\/a> announced Wednesday a slew of new product launches at its annual Stripe Sessions<\/a> user event.<\/p>\n 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.<\/p>\n Stripe\u2019s payments foundation model has been trained on tens of billions of transactions, Emily Glassberg Sands, Stripe\u2019s head of information, said. So it \u201ccaptures hundreds of subtle signals about each payment\u201d that other models would miss, she said.<\/p>\n One use case is improved fraud detection. Stripe\u2019s previous models \u201cgradually\u201d 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.<\/p>\n The company claims that its new foundation model increased its detection rate for such attacks on large businesses \u201cby 64% practically overnight.\u201d<\/p>\n She added, \u201cPreviously, we couldn\u2019t take advantage of our vast data. Now we can.\u201d<\/p>\n Stripe, of course, isn\u2019t the only fintech to have built a model using AI for fraud detection. Just one example is Sardine, which describes itself as an AI risk platform for fraud, compliance, and credit underwriting, in February raised a $70 million Series C funding round<\/a> led by Activant Capital.<\/p>\n Techcrunch event<\/p>\n \n\t\t\t\t\t\t\t\t\tBerkeley, CA<\/span> \t\t\t\t\t\t\t In an interview, Will Gaybrick, Stripe\u2019s president of product and business, told TechCrunch that Stripe\u2019s generalized model is via self-supervised learning, and thus discovers its own features.<\/p>\n \u201cWe have found over and over and over again in machine learning, generalized models outperform,\u201d he said. \u201cA big part of that is agility. It just performs better and adapts better to changes in fraud patterns.<\/p>\n Stripe also announced on Wednesday its intent to bring stablecoin-backed, multicurrency cards to businesses by partnering with other startups like Ramp, Squads, and Airtm. With such cards, businesses across multiple countries will be able to \u201coperate in the same currency for the first time,\u201d the companies claim.<\/p>\n
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