Stripe and ChatGPT creator OpenAI have announced they are collaborating on some projects.
OpenAI will use Stripe’s financial infrastructure platform to monetize its products, while Stripe will incorporate OpenAI’s generative artificial intelligence (AI) technology into its products and services, the companies said in a Wednesday (March 15) press release.
“We’re excited to work with Stripe to monetize our flagship products,” OpenAI Vice President of Product and Partnerships Peter Welinder said in the release. “Beyond payments, Stripe is helping us with everything from recurring billing and tax compliance to automating our financial operations.”
This announcement comes one day after OpenAI said that the latest version of its generative AI technology — ChatGPT-4 — is now available via a waitlist.
“It’s more creative than previous models, it hallucinates significantly less and it is less biased,” OpenAI CEO Sam Altman said Tuesday (March 14) in a thread on Twitter. “It can pass a bar exam and score 5 on several AP exams.”
The previous version of ChatGPT took social media by storm in December as consumers flocked to play with the free AI chatbot’s humanlike conversational capabilities, and OpenAI has partnered with Bain & Company to help enterprise clients realize the value of AI.
In another component of the newly announced collaboration between Stripe and OpenAI, Stripe is using the new ChatGPT-4 to enable developers to get information from Stripe Docs more quickly by posing natural language queries to the AI technology, according to the press release.
The firm was already using an earlier model of ChatGPT in Stripe Support to help agents find solutions more quickly for the users with whom they interact, the release said.
“Like the introduction of email, smartphones or videoconferencing, GPT-4 has the potential to fundamentally rewire — and improve — how businesses run,” Eugene Mann, product lead for applied machine learning at Stripe, said in the release. “By integrating GPT-4, Stripe is giving our users the most advanced tools to help them build and grow online.”
Stripe processed $816 billion in payments volume in 2022, Bloomberg reported March 6, citing a presentation the company handed out to potential investors.
“Secular market-share trends favor Stripe and other tech-forward competitors,” the firm said in the presentation, according to the report.
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