Stripe and Nvidia Expand Partnership to Enhance AI-Powered Financial Services

Stripe collaborates with Nvidia to advance AI features

The deeper partnership will mean that the chipmaker will expand global access to its graphics processing units and AI software with Stripe. Finance platform Stripe has announced it's deepening its ties to chipmaker Nvidia to boost its AI offering and improve fraud detection for customers. The collaboration announced yesterday (9 October) means that Nvidia will expand global access to its graphics processing units and AI software by enabling developers and enterprises to prepay for select cloud services with Stripe. Stripe's co-founder and CEO Patrick Collison said Nvidia is a company the Stripe team most admires. "As the folks at Nvidia know well, the current pace of change means there's enormous untapped potential to improve global access to cutting-edge AI technology," he said. "At Stripe, we've been busy building a bunch of functionality that's useful for AI products generally, including usage-based billing to handle inference costs, Link for higher-converting checkouts, and support for a lot more local payment methods since these products are typically global from day one." Jensen Huang, founder and CEO of Nvidia, said: "Stripe was an early pioneer of Nvidia's AI platform and, now, is an industry leader enabling businesses worldwide to use AI to develop new engines for growth." The Irish-founded company, which is dually headquartered in Dublin and San Francisco, has relied on Nvidia's computing platform to train its machine learning models for much of its history. Earlier this year, Stripe announced a host of AI upgrades including Stripe Radar, its fraud prevention service, which now has an AI-powered assistant that allows businesses to use natural language prompts to describe new fraud rules they'd like to set. At the time, Collison said the company is well positioned to "put AI to work to drive growth". In July of this year, the payments company was valued at around $70bn when venture capital firm Sequoia Capital offered to buy shares from the fintech's investors. 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.

Stripe and Nvidia to Expand Financial Platform's AI-Powered Features | PYMNTS.com

Stripe and Nvidia expanded their collaboration to enhance Stripe's artificial intelligence-powered capabilities and enable developers and enterprises to prepay for select Nvidia cloud services. The new efforts build on an existing partnership in which Stripe has used Nvidia's accelerated computing platform to train the machine learning models that power parts of its financial infrastructure platform for businesses, the companies said in a Wednesday (Oct. 9) press release. "At Stripe, we've been busy building a bunch of functionality that's useful for AI products generally, including usage-based billing to handle inference costs, Link for higher-converting checkouts, and support for a lot more local payment methods since these products are typically global from day one," Stripe co-founder and CEO Patrick Collison said in the release. Stripe's AI-powered features also include its Optimized Checkout Suite, which uses AI to determine the payment methods to show each customer; Stripe Radar, which uses AI to improve the speed and accuracy of fraud detection; and Radar Assistant, which uses AI to enable businesses to set new fraud rules by describing them with natural language prompts, according to the release. In the new collaboration with Nvidia, Stripe will further advance its AI and improve fraud detection for its customers, the release said. In addition, by enabling developers and enterprises to prepay for select Nvidia cloud services, Stripe will expand global access to Nvidia's GPUs and AI software, per the release. "Stripe was an early pioneer of Nvidia's AI platform and, now, is an industry leader enabling businesses worldwide to use AI to develop new engines for growth," Nvidia founder and CEO Jensen Huang said in the release. While Patrick Collison and John Collison founded Stripe in 2009 to enable the acceptance of online payments, they soon got requests for additional, unexpected features beyond payments. "What businesses want, we realized, is software-defined financial services -- a layer that knits together the existing financial ecosystem in such a way that money becomes programmable, in real time, and with comprehensive global coverage, with rich data to enable business insights and ML," John Collison said in April during the opening keynote of Stripe's annual user conference held in San Francisco.