Top payment gateway and financial services company Stripe has revealed a number of important changes designed to open up its payment processing tools to more users.
The company, which processed over $1 trillion in payments last year, reached a momentous $65 billion valuation earlier this year, and made more than 50 news and update announcements at its San Francisco Stripe Sessions event.
This included the removal of barriers that would now allow Stripe’s products to be used by other payment providers.
Stripe goes in big on interoperability
A company blog post reads: “Historically, Stripe was an all-or-nothing proposition: businesses needed to process payments with Stripe in order to use most of Stripe's other products.”
Seemingly recognizing its nature of locking users into its ecosystem, the company has now decided to open up Optimized Checkout Suite, Stripe Billing, and Stripe Radar to those processing payments with other providers.
Stripe frames its decision as one designed to cater to those who are still locked into contracts with rival companies. The company also sees the changes are harnessing a more diverse landscape: “These launches are part of a broader initiative to make Stripe more interoperable.”
Stripe CEO and Co-Founder Patrick Collison commented: “Our strategy is to listen carefully to the needs of the most sophisticated and innovative businesses in the world.”
Speaking about the future trajectory of the company, Collison added: “We’re also making Stripe more modular, so companies can use just the parts of Stripe most useful to them.”
At the same event, Stripe also revealed a handful of artificial intelligence tools, including AI-powered features to combat fraud and new AI enhancements to the Optimized Checkout Suite.
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