In fact, Stripe, the popular payment processing development platform, just launched a slew of interesting new products and integrations. Stripe made this announcement during its annual user conference, Stripe Sessions. The company has successfully transformed its business to focus on the impressive growth of its offerings and shored up its defenses in the intensely competitive payments industry. This success is highlighted by a successful completed tender sale of $91.5 billion and tripling in payment volumes, estimated to be $1.4 trillion in 2024.
Leading the charge behind much of this innovation is a powerful new product released by Stripe called Orchestration. This tool aims to assist businesses in setting up, managing, and optimizing their performance across multiple payment providers. Orchestration marks a new and important inflection point for Stripe. This innovation increases the company’s capabilities, allowing it to better serve a wider range of business needs.
Stripe has taken some very smart, strategic plays in the market. Remarkably, only three months prior to the event, the firm had purchased the blockchain stablecoin platform Bridge. This acquisition fits in line with Stripe’s overall strategy to improve their core offering with unique financial solutions.
Stripe’s president of product and business, Will Gaybrick, emphasized the company’s focus on leveraging machine learning to improve its services. He characterized Stripe’s more generalized approach as it using self-supervised learning to infer hundreds of fine-grained signals from each payment, which helps to identify risk.
“We have found over and over and over again in machine learning, generalized models outperform,” – Will Gaybrick, Stripe’s president of product and business.
This model is winning big time. In fact, it increased Stripe’s detection rate for all attacks against enterprise (large) businesses by 64% overnight! This new foundation model’s impressive performance further reflects Stripe’s focus on ensuring its clients are protected with the most modern technology available.
Stripe’s infrastructure already accepts more than 125 different payment methods, including the addition of 25 new payment methods, most notably UPI and PIX. In addition, Stripe Terminal has opened its platform to support third-party hardware, starting with Verifone. Each of these enhancements improves the comprehensiveness and flexibility of Stripe’s solutions to meet its users’ needs in a more robust way.
Equally as impressive for us is the quick movement of all of Nvidia’s subscribers—about 50,000—to Stripe Billing. This unusual partnership further highlights Stripe’s expanding clout and reach among big tech companies and its demonstrated flexibility matching itself to client demands.
This has also been an area where Stripe has made major moves in their favor. The firm’s tax solution is currently licensed in 102 countries, up from 57 just a year ago. Stripe’s commitment to making things easy on the ground for their users has created a very intentional user experience. The automation of the entire tax lifecycle—monitoring, registering, collecting, and filing—illustrates this commitment perfectly.
Emily Glassberg Sands, Stripe’s head of information, expressed enthusiasm about the advancements made possible by their new model:
“Previously, we couldn’t take advantage of our vast data. Now we can.” – Emily Glassberg Sands, Stripe’s head of information.
Stripe has some exciting improvements lined up! They’ve collaborated with startups such as Ramp, Squads and Airtm to introduce stablecoin-backed multicurrency bills to enterprises. Klarna will be fully integrated with Stripe’s consumer payments product, Link, by this summer. This integration will make it even easier for consumers to pay on their terms.
