Financial Infrastructure Fintech Stripe Unveils Over 50 New Features

Stripe, a financial infrastructure platform for businesses, announced more than 50 new features at its annual user conference, Stripe Sessions, held at the Moscone Center in San Francisco.

Last year, Stripe says it had “processed more than $1 trillion in payments for millions of users, from the fastest-growing startups to the largest enterprises.”

The features announced today focus on “helping them accelerate their growth.”

Patrick Collison, Stripe cofounder and CEO said:

“Our mission is to grow the GDP of the internet. Our strategy is to listen carefully to the needs of the most sophisticated and innovative businesses in the world. This year, because of our scale, Stripe is well positioned to help our users deal with the increasingly complex payments landscape and put AI to work to drive growth. We’re also making Stripe more modular, so companies can use just the parts of Stripe most useful to them.” 

Stripe’s Optimized Checkout Suite enables businesses “like OpenAI, Slack, and River Island to build a high-performing checkout flow, using AI to determine which payment methods to show for any given customer.”

In the last few months, Stripe has doubled “the number of payment methods supported by its Optimized Checkout Suite, from 50 to more than 100, including Amazon Pay, Revolut Pay, Swish, Twint, and Zip. As of today, businesses can also run no-code A/B tests for payment methods—an industry first, available only on Stripe.”

A recent analysis found that businesses “migrating to Stripe’s Optimized Checkout Suite saw an 11.9% increase in revenue on average, as more shoppers are converted into buyers.”

Fighting fraud with AI

Online fraud continues to rise across the internet, “up 11% in 2023 alone.”

Over the same period, businesses that use Stripe Radar “for fraud prevention saw their dispute rates fall by 10%.”

Stripe launched new AI-powered features “to combat fraud, including Radar Assistant. Businesses can use natural language prompts to describe new fraud rules they’d like to set, and the assistant will draft rules accordingly.”

The rules can then be tested against previous payments “to see if they block fraud without increasing false positives, and boost revenue.”

Biggest ever upgrades to Stripe Connect

Stripe Connect is used by software platforms like Shopify to “embed payments and financial services.”

This provides businesses running on Shopify with “access to Stripe products like Payments and Treasury, directly from their Shopify account.”

Today, Stripe announced its biggest ever upgrades “to Connect, now with 17 embedded components, including 10 for payments.”

These embedded components make it easy “for platforms to integrate fully functional financial services into their website. For example, with the Stripe Capital embedded component, platforms can drop a prebuilt UI into their site and immediately start offering loans to their eligible customers, all powered by Stripe.”

With today’s upgrades to Connect, businesses can also now “choose more precisely which capabilities they want to own and which to offload to Stripe—and change their choices as their business grows.”

Powering complicated revenue models

The internet enables businesses to earn revenue in more ways, “but operating lots of different revenue models is hard. Stripe’s Revenue and Finance Automation suite, which includes Stripe Billing, Stripe Tax, Stripe Sigma, and more, helps users manage their revenue lifecycle. Over 300,000 companies use the suite, including Anthropic, Cloudflare, Atlassian, GitHub, Figma, and Duolingo.”

Stripe announced more than a dozen upgrades “to its Revenue and Finance Automation suite, including full support for usage-based billing.”

Businesses can now “track their customers’ usage of products and services inside Stripe, and translate that into precise charges for those customers. For example, a generative AI company could charge its customers on a per-query basis, more closely mapping their incoming revenue to their compute costs.”

Stripe also announced that Stripe Tax has expanded to 57 countries and “will soon handle automatic registration and filing of tax returns in US tax jurisdictions.”

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