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.
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