(upbeat music)
Please welcome Stripe cofounders, Patrick and John Collison.
(upbeat music)
(audience applauding)
Good morning.
This is, by far, our largest Sessions ever
more than twice as large as last year.
And...
(audience applauding)
And that we can all come together like this as a testament
both to the vibrancy of the internet economy today
but also to the growth of the Stripe community.
So we want to start out by simply saying
thank you to all of you for working with us.
(audience applauding)
And thank you for joining us here at Moscone
braving the San Francisco cold.
We've got a packed agenda for you over the next two days
including breakout tracks for enterprises, platforms and developers.
So tomorrow morning
John's going to be sharing his take on the future of payments.
Can you summarize that in a sentence? No. Okay, well.
You'll just have to come tomorrow.
And then we've got fireside chats
with Former Treasury Secretary Larry Summers
and also very current Nvidia CEO, Jensen Huang.
(audience applauding)
Then Pat will be holding a live Q&A here on this stage tomorrow morning.
So you can submit and you can up upvote questions
in the Sessions app, so you can keep that in mind
over the course of everything you hear today and tomorrow.
Please actually submit questions in the app
because if we don't have enough questions
Pat will just be free associating about things top of mind
and you really don't want that, so we'll get some good questions.
Seeing this many of you here today
puts in stark relief how much things have changed.
It wasn't that long ago
that we were talking to very different customers
at a very different scale about very different problems.
In fact, the last time we were here at Moscone
was for WWDC in 2007
and we actually weren't allowed into this room.
We were 16, what did you expect? No, no, it wasn't that.
It was the first WWDC after the iPhone was introduced
and this room was full
so we were kicked out to the overflow room.
So if you're watching this from the overflow room
please know it gets better.
(audience laughing)
Hey, the point is we never expected to end up here
and so we just continued where John left off.
Two years after that, in 2009
we decided that we just heard too many of these stories
about the struggles and the challenges
for getting up and running with accepting online payments.
But I very clearly remember we were walking back from dinner
and John turned to me and he said
"We should just build a prototype.
It can't be that hard."
Jokes on us, yeah.
Here we are 15 years later.
We were chatting recently and reflecting on how
when we set out, there were two things that were going to change in a big way
that weren't apparent at the time.
Firstly, that the payments landscape was about to change enormously
and we're going to talk more about this soon.
But secondly, that the problem that businesses were facing
wasn't just about payments.
So on our first website, we had this statement here.
This is actually what it looked like.
Don't judge us. We had this statement:
"We believe that enabling transactions on the web is
a problem rooted in code, not finance, that the core of Stripe is about code."
So because Stripe involved new kinds of APIs
we heard a lot of sort of unexpected and interesting feature requests
over the subsequent years.
So in 2012, Lyft came to us, and they asked us about driver payouts.
Then a couple of years later, Shopify came to us
and they asked about building spending accounts
and issuing corporate cards for their merchants.
And then during the pandemic, United Healthcare came to us
to talk about modernizing money movement across the healthcare sector.
And many more instances like these.
These new use cases aren't about payments
in the traditional sense.
The problem is broader.
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
where you have rich data to enable business insights and ML.
So that's what Stripe is building.
So 2024 brings us to an important juncture.
What we hear from all of you is there are three things
that are especially top-of-mind at the moment.
First, the growing complexity of the financial landscape.
So both the payment method level where you have RTPs, and BNPLs
and crypto at the partner level.
And even at the governance level
our regulators are getting a lot more assertive.
Even though this is a lot to deal with
it's also a big opportunity.
So here's a chart of the number of internet users
who possess an electronic payment method.
And as you can see here, there's been a real explosion over the past five years.
2019 was not that long ago.
More than a billion new participants in the internet economy
since just before the pandemic.
The second is AI.
If you've driven on 101 and seen the billboards
you've probably heard of it.
It's obviously a platform that will matter for the coming years.
On AI, you'll see how we're using LLMs, transformers, and deep neural networks
to optimize every part of Stripe in service of your business.
We've actually been training
our own proprietary foundation model on financial data.
Our secret foundation model that is not announced.
We'll share more in the future.
Okay, and then interoperability.
So because of this growing ecosystem complexity we were just discussing
it's pretty hard for businesses to commit to monolithic solutions.
And Stripe has, traditionally, as you guys know
been a kind of all-or-nothing proposition.
So we're going to share some updates on that front very shortly.
Before we get into that, two things.
Firstly, I want to address the elephant in the room.
A lot of you have asked if the session is happening today
on 4/24/24 because our longstanding test card 424242
actually expires this month.
But no, it was just fortuitous.
(audience laughing)
(audience applauding)
Secondly, on a more serious note, we want to give you a quick sense
for what the Stripe ecosystem
and everyone building on Stripe looks like these days.
So last year, businesses built on Stripe
processed slightly more than a trillion dollars
of transactions.
A trillion dollars, hard to know what to think of that number.
Maybe I'll ask Larry Summers tomorrow to put it in perspective.
But one way you can look at it is that it's 1% of global GDP
a truly staggering amount and definitely not what we were imagining
when we started out.
And because of this
there's a lot of optimizations that we can invest in
that wouldn't make sense for any one individual business to build
but we can learn from all of you and the enormous data set on Stripe
and make improvements with that.
On top of that, there are also data ecosystem benefits.
So if you think about things like fraud detection
or KYC screening, authorization rates, so many of the core functions in Stripe
benefit from the aggregate scale of the Stripe network.
Stripe gets better because of all of you
and that's a recurrent theme that you're going to hear
over the course of today.
So while Stripe is now one of the larger infrastructure companies in the world
one of the less understood parts of our strategy is
we care equally about both ends of the continuum.
So both the world's most innovative new businesses
and also the world's most established businesses.
Among startups, we're proud to be powering
all of the leading AI companies, including OpenAI, Mistral,
Perplexity, Anthropic, Hugging Face,
Monumental, who designed the statue downstairs.
If you're in the market for a quick cheeky statue...
Monumental will have you covered.
Okay, and then at the other end of the continuum
we've seen really substantial growth
in our global enterprise segment over the last year.
So last year, at Sessions
we mentioned our expanding work with Amazon.
They've been joined by a whole host of new use cases for the past year.
And so, this year, we've been enabling
in-aircraft transactions with Alaska Airlines
which is a pretty cool Tap to Tay on iPhone use case.
There's Best Buy, they're selling prescription medical devices with Stripe.
Hertz is using Stripe Terminal to upgrade the car rental experience.
We're working with Zara, River Island, Urban Outfitters
and many other global brands.
And whatever the scale
your trust is the most important thing to us.
And the context of our product...
We know that many of you build your roadmaps around ours
and so that's why we're excited to share all of the updates that'll come
over the course of this morning.
It's also why we want to look back at what we announced at Sessions last year.
At Stripe at least, you're not allowed
to construct your goals for the upcoming period
without grading your goals for the previous period.
So we should grade what we did
and what we said at Sessions last year.
So we showed our Optimized Checkout Suite
which is now live with over a hundred built-in optimizations.
We told you we'd add one-click bank account payments to Link, and we did.
We showed our Terminal S700 device, and that actually took a little longer
than we wanted to get live.
We're going to grade that yellow, but it's now live and we're really happy
with the reception that we've gotten from all of you.
You can check it out downstairs if you want to see it.
We previewed our Docs AI. That's now live at docs.stripe.com.
You'll hear a lot more in a similar vein this morning.
We told you we'd enable a whole host of new card network features.
So overcapture, multicapture, incremental auth, extended auth
they're all now live.
We said we'd roll out our new revenue reporting product
and we actually ended up delaying that launch a little bit
because we decided we wanted to expand the feature session.
So that's going to come in an improved fashion later on this year.
We showed you Sigma Assistant which lets you write SQL queries
with natural language prompts.
That's now available for all of you.
And lastly, we showed our embedded components strategy
for Connect and we're super excited about that.
So, basically, everything that we showed last year
now up and running and a whole host of more improvements.
Okay, so that's last year.
As you guys might know
our mission is to increase the GDP of the internet
and our strategy is to look for common patterns
across the Stripe ecosystem and to hunt for important new use cases
even when they're nascent, and to listen to new needs among you guys
the most innovative new companies in the world.
And so to give you a sense for how all this works in practice
we'd like to invite to the stage Will Gaybrick.
(upbeat music)
All right.
Thank you guys.
So hello. We're going to cover a lot today
including a bunch of brand spanking new things
that were just launched today
and we're also going to give you a sneak preview of some things to come.
But before we get to any of that
many of you have asked where we are in Stripe's journey
building out a comprehensive set
of software-defined financial services.
Well, Stripe launched back in 2010
after that fateful "how hard can it be" conversation
helping companies initially just accept credit card payments in the US.
So today we offer a ton of payment methods,
surfaces, and advanced features, fraud prevention, in-person payments.
We actually own a hardware manufacturing company
for payments terminals and a whole lot more.
And this is our Global Payment suite. It's all designed to increase your revenue,
decrease your payments costs, and create truly excellent payments experiences.
In parallel, we built solutions for marketplaces and platforms.
This started in 2012, when we launched Stripe Connect
to orchestrate multiparty payouts.
Connect's functionality has steadily grown
and today you can build full-fledged financial services businesses
on top of Stripe.
Everything from embedded payments to card issuance,
treasury management, and financing.
So this is our Embedded Payments and Finance suite.
And then in 2018, we launched Stripe Billing
to support simple subscriptions.
And today, by most measures
Stripe is the largest billing software provider in the world.
You can use Stripe to send invoices, calculate taxes,
do revenue recognition and reconciliation, and a whole lot more.
So this is our Revenue and Finance Automation Suite.
It helps you evolve your business model with agility and efficiency.
So global payments, embedded payments and finance
and revenue and finance automation.
Let's get started with global payments.
There is a misperception of payments as a glacially moving landscape.
But as you all know, and as Patrick and John just mentioned
it's actually changing faster than it ever has before.
Payment methods are proliferating
regulations are more fragmented, and exacting
fraudsters are getting more sophisticated.
They have LLMs now and your customers are more global.
Now, for example, you can see here just how fast
some of the newer payment methods are growing
relative to established options.
So what does all this change mean for you as business leaders?
Well, broadly it means that you have new opportunities to drive growth
by increasing conversion and lowering costs
and you're navigating a great deal more complexity.
So to help you, we're doing two things.
First, before the transaction, our Optimized Checkout Suite enables you
to craft and hone your checkout experience
with high velocity and leverage.
And second, once the transaction has been submitted,
our Advanced Payments Engine boosts your auth rates,
reduces your fraud and costs.
And across both, we're bringing to bear
Stripe's massive scale to optimize your performance
and putting AI to work for the whole payment stack.
So let's dive in. And to get us started, here's Neetika,
who leads payments engineering at Stripe.
(upbeat music)
Thanks, Will.
We introduced the Optimized Checkout Suite at Sessions last year.
It's a set of prebuilt payment surfaces plus the infrastructure behind them
and these surfaces are completely customizable
and embeddable to match your brand.
They include over a hundred optimizations;
things like language localization, form validation
input masking, CVC hints
and all the things shown here that boost conversion.
Our Optimized Checkout Suite is now used
by the fastest-growing companies in the world, like OpenAI
global enterprise retail brands like River Island
B2B leaders like Slack, and many, many more.
Since last Sessions, we've made major upgrades.
We've more than doubled the number of payment methods we support
from 50 to over 100.
This now includes Amazon Pay, Revolut Pa,y
Zip, TWINT, and Swish.
In fact, we've added more payment methods
in the last 12 months than the last 12 years.
And you can toggle on payment methods directly from your Stripe Dashboard.
Now that you have access to all of these payment methods
how do you decide which ones to present to each customer?
It's sort of like trying to choose a show to watch on a Friday night.
You need that Netflix recommendation engine.
Well, this is where AI comes into play.
Our models trained on millions of businesses
and trillions in cumulative payments volume
present the right payment method to your customers at the right time
to maximize your conversion.
They take into account things like location, currency,
device type, browser, transaction amount,
even subtle things like commerce patterns in your sector
or past buying behavior of that customer.
Stripe's AI-based payment method presentment
results in a 3% uptick in conversion
and a 7% increase in average transaction value.
So more users are buying and they're buying more.
While our ML models will boost your revenue
no one knows your business like you do.
So today we're adding two key ways of giving you all more control.
First, we're introducing our Payment Method Rules Engine
which will allow you to orchestrate payment method presentment.
We hear from you often that you want to implement
rules like only showing a given payment method
for certain basket sizes.
Well, now you can make that happen
right here in your "Payment method settings" page
without writing any code.
Second, starting today
you can build and run A/B tests
of different payment method configurations
directly from your Dashboard.
This is actually a first in the industry.
Nobody else offers A/B testing.
And let me show you how it works.
So say I work at an outdoor retailer named Galtee.
I'm going to set up an A/B test to see the impact
of adding a new payment method to Galtee's checkout.
I wonder about the ROI of adding a new buy now pay later payment method
and if it even works with my customer base.
So here we are in the "Payment method settings" page
and I can just hit this "Create an experiment" button.
So for my control group
I'm going to use my current checkout setup
which has no BNPLs
and for my treatment group, I'm going to
scroll down, toggle on "Klarna."
And as I mentioned earlier
I want to use our Payment Method Rules engine
to only trigger Klarna for transaction amounts
of greater than $50.
Now I can save this rule
and I can pick a treatment size for my experiment.
I want to run this experiment for 20% of my traffic.
And look, the very helpful LLM has already given our experiment a name
and I can just hit "Start experiment."
And that's it.
You have now an A/B test running in production
in just a few seconds.
I'm going to fast forward a few weeks
and show you what results of an A/B test look like.
So I'm just going to pick an experiment that I've already run.
I can just hit "View report," and there it is.
With a 5.6% increase in conversion
adding Klarna to your checkout looks like a really good idea.
You can note that all findings are statistically significant.
So there you have it
a powerful A/B testing tool right in your Stripe Dashboard.
(audience applauding)
You tell us that your engineering resources are limited.
So that's what's cool about this demo.
You don't have to make any frontend changes.
You don't have to make any server side changes.
You don't have to bother with complex payment method presentment logic.
With the Optimized Checkout Suite
you can easily wield the power of over 100 payment methods.
Back to you, Will.
(upbeat music)
So there are a truckload of other updates we made to our Optimized Checkout Suite
and one to highlight, Adaptive Pricing
which dynamically localizes your prices across 40 countries.
Amazingly, our data shows that for every six international sales you make
you'll probably get a seventh
because of the conversion uplift from Adaptive Pricing.
And with our Optimized Checkout Suite
you get Adaptive Pricing, everything Neetika showed you
and everything else that hundreds of Stripe engineers
are building for you today, next quarter
the one after, and for years to come.
In other words, the Optimized Checkout Suite will have
will have a compounding impact on your revenue.
And that's what our data shows.
Last year, we shared that our Optimized Checkout Suite
boosts revenue by about 10.5%
based on a rigorous test across 10,000 Stripe users.
Well, we've now made a ton of improvements
so we reran the numbers.
And on average, businesses saw an 11.9% increase in revenue
just from upgrading to Stripe's Optimized Checkout Suite.
So let me say that again.
The Optimized Checkout Suite boosts your revenue by 11.9%.
This is based on all of the improvements that we just spoke about
and many more we didn't have time to cover
but it goes beyond payment forms.
In fact, a couple years back, we asked ourselves
could we do away with payment forms entirely?
Well, we realized that we couldn't do this alone.
To make this happen, you all need each other.
The person to your left, the person to your right
take a moment, turn and shake their hands.
I'm just kidding. Not that kind of conference.
But Tony Robbins, we are thrilled to have you
as a Stripe user.
So let's take a second and talk about Link.
The core premise behind Link is that you all could help each other
streamline checkout and improve customer experience.
With Link, users, your customers, save their payment information to Stripe
when they're checking out on an optimized checkout surface.
Then when they come across another Link-enabled surface
they can check out with just one click.
So you might create a Link account when you're buying coffee from Blue Bottle
and then use it seamlessly to pay for ChatGPT Plus.
But Link is about much more than just streamlining checkout.
It is now creating novel payments experiences.
Consider paying with your bank account in the US.
You all have asked for this for years
but we couldn't build it right before Link.
Authenticating your bank account is simply too friction-full.
You slog through all of those screens, bounce to your banking app
twiddle your thumbs through the latency of old bank mainframe infrastructure
and very often, you just abandon the flow.
So this kills conversion and undermines the whole value proposition.
Well with Link, your customers only have to save their bank account once
and they can pay with it with just one tap
on any optimized checkout surface.
At Sessions last year, Uber announced
that they were starting to use Link for bank payments.
A year out, Uber is now saving over 50%
in per-transaction costs when customers pay
with their bank account using Link.
They've rolled it out to all rides and deliveries in the US.
In fact, we'd love for all of you to try it
so we're giving everyone here $20 off
on your Uber ride home if you pay with Link
and use your bank account.
You should have already got a notification in your Sessions app.
So Link is probably our single most powerful lever
to increase your revenue and decrease your payments costs.
It's accepted by hundreds of thousands of companies
including Anthropic, MetLife
and for all those golf levers out there, the PGA.
If it's not live in your Stripe integration today
you can turn it on from the Dashboard in just a couple of clicks.
Now, bringing all of this together, let's hear directly from a Stripe user
about upgrading their payments infrastructure.
URBN is the parent company of retail brands
including Urban Outfitters, Free People, Nuuly, and Anthropologie.
Please welcome the CTO of URBN, Dave Hayne.
(upbeat music)
Good morning. Everything we do at URBN
is grounded in our passion for creativity
and our customer-first mindset.
Our goal is to give our customers the products and experiences they want
no matter how, when, or where they shop with us.
We were early adopters of ecommerce all the way back in the late '90s
because we saw how willing and even excited our customers were
to engage with us online.
Today, our digital channels are the main way we engage with customers
and ecommerce represents over 50% of our global revenue.
Technology has evolved rapidly in the 25 years I've been at URBN
and our customer's expectations have too.
We must stay nimble to provide the best-in-class experience
we're known for.
So that's why URBN chose to build our ecommerce platforms
from the ground up
to have full control of the customer experience.
That's why we chose to launch a clothing rental platform called Nuuly
with all frontend and backend systems built in-house
and that's why we've partnered with Stripe
to power the payments experience across our brands
in all North America stores and websites.
So now thanks to Link
our web and app customers have a frictionless way
to pay with their bank account, which in turn lowers our payments costs.
And Stripe Terminal, which is being deployed
in all of our North American stores
will create a unified experience
across online and in-store transactions.
Stripe is not just helping us with payments
we really view them as a data platform.
Stripe's data can help drive down fraud, and we've seen an increase checkout speeds
both in stores and online.
Like our early embrace of ecommerce
and the custom digital platforms we've built in-house
we know that a seamless payments experience
is not only something our customers want
but it's essential for our business.
And with our Stripe partnership, we are very excited to innovate together
well into the future.
Thank you.
(upbeat music)
Thank you, Dave.
It's so cool to see a customer-obsessed company like URBN
bringing its brand to life directly on Terminal readers.
And it's not just URBN.
Stripe Terminal is now being used by some of the world's largest companies
including Hertz, Alaska Airlines, as Patrick mentioned, and Shopify.
And in fact, there are now over 600,000 Stripe readers
accepting payments in the wild.
Our newest reader, the S700, is now generally available
in 23 countries.
We're shipping offline mode, a bunch of POS and PMS integrations
and everything else you can see here.
Okay, so far we focused on everything
leading up to your customer initiating a transaction
clicking "Buy."
Once the payment has been submitted
the game is now maximizing authorization rates
while minimizing fraud and costs.
So let's talk about Stripe's Advanced Payments Engine.
We work with some of the most sophisticated payments teams in the world
and a major reason that they choose Stripe is
the power of our Advanced Payments Engine.
It has a ton of functionality and coverage
things like support for major local debit networks around the world
network tokens across 46 countries, real-time card account updater
and a slew of advanced card features.
But even more powerfully, we use AI to do a ton of dynamic tuning.
Payments amenable to nearly infinite optimization.
Every payment involves a ton of decisions, the gateway choice, network token or PAN
BIN level ISO message formatting, cross gateway retries
dynamic MCC selection, and so on and so on.
We orchestrate all of this to give you industry-leading auth rates
that we're continuously improving using machine learning.
Here you can see the increase in Stripe's auth rates
over the last few years.
And we're doing this in partnership with major financial institutions.
Last year, we announced our Enhanced Issuer Network.
We boost auth rates by sharing out-of-band data
directly with issuers in real time during the transaction.
We're continuously improving our coverage, growing the network.
And today I'm excited to announce that American Express has joined the EIN
bringing coverage to nearly 40% of Stripe's US payments volume.
(audience applauding)
So American Express and Stripe are now working together
to deliver higher authorization rates to all of you
thanks to the scale of Stripe's network.
And our leadership in payments performance is validated by industry analysts.
Stripe continues to be rated best-in-class
for enterprise merchant payments.
The most recent Forrester Wave concluded just a few weeks ago.
Stripe received more top scores than any other vendor evaluated
including in the category of payments performance optimizations.
So there are a lot of reasons why Stripe is a strategic partner
to many of the largest enterprises in the world
but perhaps foremost among them is reliability.
Over the past year, we've consistently maintained
API success rates above 99.999%.
That's 26 seconds of downtime per month.
So today, based on what we're hearing from all of you
we can confidently say that Stripe is the most reliable payments provider
anywhere on the internet.
(audience applauding)
But sometimes when someone clicks "Buy,"
you don't want that transaction to go through
because it's fraudulent, and that's where Stripe Radar comes in.
Here to tell us more about it is Tanya, Stripe's head of product marketing.
(upbeat music)
Stripe Radar detects and blocks fraud using machine learning that trains on data
across millions of companies and across more than trillion dollars
processed on Stripe a year.
Since the pandemic, we've seen a huge surge in online fraud
which is up 11% in the last year alone.
But in that same time, Radar dispute rates dropped by 10%.
So online fraud is up
but thanks to our advances in ML, your fraud is down.
This continues a steep decrease in fraud rates on Stripe
going all the way back to 2017.
In less than 100 milliseconds
Radar assesses more than 1,000 characteristics
of a potential transaction
in order to determine the likelihood that it's fraudulent.
As you can see here
Radar is getting better with each passing year.
Today I'm excited to announce we're expanding Radar coverage
to non-card payments
starting with ACH and SEPA payments later this year.
We've applied the same ML architectures
that Radar uses for cards to new models for ACH and SEPA.
These models have blocked 16% more SEPA fraud
and 31% of ACH chargebacks.
Now, like a cheese pizza, Radar is great out of the box.
But also like a cheese pizza, sometimes you want to customize.
With Radar for Fraud Teams, you can customize Radar
to perform how you need it for your business.
To make this easier, today we're launching two things.
First, fraud insights, which makes it easier to know
which rules to write based on live monitoring
of fraud patterns for your specific business.
And second, Radar Assistant powered by AI
which lets you use natural language prompts
to write your Radar rules.
You can kind of just tell it what to do.
So that's Radar continually adapting and improving.
Now we've given you a quick tour of how our Advanced Payments Engine
delivers improved performance and continually adapts
to changes in the payments landscape.
But zooming out, something we've heard from you
is that both before and after transactions are initiated
you want better observability of how your payments setup is performing
as well as clearer recommendations for how to further improve it.
This is why we built the Payments Insights Hub.
It's coming later this year and I'm going to give you a sneak peek.
The Payments Insights Hub gives you a comprehensive view
of your payment setup with quantifiable suggestions
for how to improve it.
It might recommend changes to your payment method's logic
or it'll flag cost savings
you could realize by passing L2 and L3 data.
It'll show you precisely where you have a conversion drop off.
For example, here's 3DS in your conversion funnel
and you can see the Insights Hub is suggesting
that taking a bit more risk by authenticating fewer payments
will have a strongly positive ROI.
Now I'm excited to share one more update for those of you with more sophisticated
and scaled businesses.
A lot of you run multiple Stripe accounts for your business
covering different GOs or business lines.
And real talk, it's been challenging
for you to have a single unified view
across all of these entities.
So today we're announcing Organizations which will let you bring
your Stripe accounts together under one roof
and make operating at scale much easier.
It's like a family reunion you actually want to go to.
Love you, Uncle Charlie.
Let's take a look.
So here we are, back to that demo account
that Neetika was showing you with our outdoor retailer, Galtee.
This is the Stripe Dashboard for Galtee's US operations.
You can see here that Galtee has a lot of different international accounts.
So I want to bring all of these different international accounts
from Australia to Brazil, etc., together under one organization.
I can do that right from the Dashboard.
So I just create an organization.
I will call it Galtee Inc.
Select all my accounts, authorize, create
and that's it.
No code required.
And in literally seconds, you've connected all your Stripe accounts
into one organization.
Now you can see an overview
of the payments performance right here in the Dashboard.
Because Organizations is integrated with Sigma
our host data warehouse
you can easily run queries across your whole organization
to get insights about your business.
So say for example, you're wondering
if that Black Friday promotion generated repeat customers.
I'm going to use Sigma Assistant right here.
What's really cool about Sigma Assistant is that I can use natural language prompts
without actually having to write SQL.
So I'm going to write here how many customers from each account
made a purchase on Black Friday 2023
and have made another purchase since then.
Okay, great.
So I hit Run here.
It's processing. It's taking that natural language
and it's generating the SQL.
I didn't have to ping an engineer for that.
And it's running across all seven of my accounts.
And all right, I can see here the total.
It's about 80,000 repeat customers.
(audience applauding)
Xero and Atlassian are beta users.
They've both told us that their reporting process
takes less than a third of the time it used to.
And there's a lot more you can do with Organizations
like searching across accounts to centrally managing your team.
You can request access today.
Now, the point is, as you grow on Stripe
your operational overhead shouldn't grow in tandem.
You've asked us for better insight
both on your individual payments experience
and how your Stripe accounts are working
and that's what our Payments Insight Hub
and Organizations are designed for.
Back to you, Will.
(upbeat music)
Thank you, Tanya.
Okay, so like Taylor Swift's "Eras Tour,"
we've now covered a lot of ground.
For the record, she's my favorite Stripe user.
Sorry, Tony, you are number two.
Sorry guys, we're trying with the jokes.
We do payments not comedy, but appreciate you bearing with us.
So you all need tools to adapt to a fast-evolving payments landscape.
Our Optimized Checkout Suite is the studio
that allows you to iterate upon your checkout experience
with incredible speed and leverage.
You need comprehensive coverage of enterprise payments features
and a decisioning engine to help you maximize authorization rates
minimize costs, and reduce fraud
and you get this with our Advanced Payments Engine.
And across all of this, you need the latest in AI
trained on Stripe's gargantuan dataset
to improve your payment stack at every turn.
Now, we've upgraded our Global Payment suite
far more than we were able to cover this morning
but we have so much more to share beyond payments.
So for what's new with Connect
and embedded payments and finance, here's Alex.
(upbeat music)
So let's see, about 35 minutes ago, John and Patrick broached the idea
of software-defined financial services.
Stripe Connect is the embodiment of that idea.
It's our software that enables you
to run a payments business, not just collect payments
and embed that payments business into your own products and platforms.
Businesses across every sector of the economy
have done this to great effect now.
Gig marketplaces like DoorDash, commerce platforms like Wix
vertical software platforms like Squire for barbershops
Housecall Pro for plumbers, Xero for accountants, and so on
and even global enterprises like Zara and BMW.
Now, many of you in the audience, maybe most of you in the audience
don't think of yourselves as platforms
but we're seeing enterprises of all types use Connect to build business lines
that expand their enterprise
everything from marketplaces to franchise management.
In fact, there are now more than 13,000 platforms using Connect
to serve more than 8 million businesses and solopreneurs.
That's orders of magnitude
more than any other solution on the market.
The business impact of embedding
payments and financial services is simply stunning.
Financial services are now the majority revenue line
for industry leaders like Shopify and Lightspeed.
So we don't see these trends abating anytime soon.
And right now I'm going to share four major updates to Stripe Connect
and all of them will help you monetize financial services more successfully.
Number one: a new ability to tailor connect
exactly to your business case.
Two: components that help you attach and monetize better.
Three: a new Merchant Risk and Compliance platform.
And four: new tools that enable you to expand beyond payments
to offer your users other financial services as well.
Let's start with the first point, tailoring Connect.
We originally developed Connect in a few specific flavors
designed around your most common use cases as platforms.
The bundles were preset and you couldn't mix and match.
With Standard Connect, you got everything out of the box from Stripe.
And at the other poll, with Custom Connect
you could customize anything
but it meant you had to customize everything.
Well, as of this morning
we've flipped the last flags in production
and there is now just one flavor of Stripe Connect
and you can mix and match all those capabilities
and change your choices as your business grows.
So now when you're setting up Connect, you answer a few independent questions
about what you want to build.
Call it the BuzzFeed personality quiz of Connect platforms.
Say you want to build a customized Dashboard
for your SMB users
but outsource merchant risk management to Stripe.
You couldn't actually do that yesterday.
Now you can.
Say you want to offer your enterprise users
the full Stripe Dashboard
but control your pricing and bring risk management in-house.
You couldn't do that yesterday either, and now you can.
Based on the choices that you make in the setup flow
we'll automatically choose the right attributes
for your account's API calls,
and you can change those choices as your business evolves over time.
Now, if you've already built a platform
or marketplace on Connect
A, you know what a big launch this is
this has been your top request for a long time now.
And B, do not worry.
Your integrations don't break
and you also get the benefit of being able to evolve your Connect setup
without starting over.
(audience applauding)
Thanks.
Okay.
Our second set of updates help you attach and monetize
your payments product more effectively.
Before starting to optimize your take grade on payments
and other business drivers
just getting your software users to adopt your integrated payments product
needs to be job number one.
The best solution to that is to have a great payments product
so that users pull it from your hands.
But that's easier said than done.
So we are packaging up our industry-leading payments capabilities
everything that you heard about from Will, Neetika, and Tanya
as themeable, embeddable components for you to use in your applications.
We introduced our first ever Connect embedded component last year
and today we are expanding our lineup from 1 to 17.
I'm going to show you a few examples
in a fictional platform for yoga studios called Pose.
So here are the new payouts components
which answer one of your user's top questions:
"When am I going to get paid?"
And by the way, this lets you turn on instant payouts
with zero engineering work
which is a whole new revenue stream for you.
Here is the embedded payment methods settings
which unlocks rapid geographic expansion and domestic upsell opportunities for you.
And one more, your users almost certainly need to calculate
collect, and remit sales tax.
The new embedded tax component allows you to solve that problem for your users
and monetize it.
There are many others that we don't have time to show
but they're all live as of today.
They work across all Connect configurations
for all charge types, which was not true a year ago
and for all acquiring countries.
That means you no longer have to spend years of development time
to build a super high-quality payments product
that your users are going to pull from you.
In fact, MYOB, which is an accounting software platform
was able to use all of this
to launch their integrated payments business in New Zealand
in just eight weeks end to end.
So in addition to helping you with payments attached
we have two launches today that focus on optimizing your take rate on payments
a new margin report and pricing tool.
Bharath is one of our engineering leads
and he's going to help me demonstrate these right now.
(audience applauding)
Okay, so let's say that Bharath is the CTO
of that fictional yoga studio management platform
we were looking at in those screenshots a minute ago
and they're facing a competitive situation in the UK.
To ensure continued top line growth, we feel pressure to reduce pricing.
So with the new margin report
I just downloaded from the Stripe Dashboard
I was able to throw a quick chart together and I can see what cutting our price
might do to profitability.
For example, it looks like I'm earning around 120 bps on domestic cards in the UK
which means I have some leeway to reduce prices.
Now, normally, this would be the hard part
calling in engineering, and possibly Bharath's payments provider
to coordinate a pricing change, but...
But with Stripe's new pricing tool, I can configure complex pricing logic
right from the Stripe Dashboard.
For example, let's go ahead and reduce pricing
on those UK domestic cards.
Great. We'll reduce it by around 20 bps.
Great, go ahead, click "Save."
And that's it, done.
So both the new margin report and the pricing tool
are available for beta signups as of today.
(audience applauding)
So that's payments attached and monetization.
Our third major investment over the past year
has been extending our existing onboarding and KYC capabilities
into being a full-featured Merchant Risk and Compliance platform for you.
Now, in the wake of Silicon Valley Bank and FTX
global compliance regulations are becoming more challenging
and boards are inspecting the details carefully.
So your compliance program and merchant risk controls
are more critical now than they've ever been.
Yeah, one of the biggest challenges we have at Pose
is handling all the global nuances for those programs.
We have to figure out what each region requires
constantly update our KYC flows as things change
and then validate all the information we're getting
in country-specific ways.
So we've shipped a new embedded onboarding component
that addresses exactly this.
So on the left here is the Pose registration page.
As you can see, like my mind during Shavasana
it's currently blank, but now...
now I can literally drop in a prebuilt React component
that builds into my front end code.
Now back on the Pose registration page
you can see that everything within this border
is the embedded component for onboarding.
That's all built and maintained by Stripe even if it looks like Pose.
My onboarding flow is also automatically localized
to 46 acquiring countries and 45 languages.
For example, we can see what it might look like
for a user from Hong Kong.
Great. Now as you can see, it's perfectly localized.
But maybe for Alex and my sake, let's see it in English.
So one subtle but critical point here is
that the language wasn't the only thing to update.
The onboarding component also localized the business logic under the hood.
So for example, it knows the format of Hong Kong identity card numbers
and how to validate those IDs.
That's logic that Bharath didn't have to build
and won't have to maintain over time
as compliance requirements change.
And the same is true for every requirement in every market.
Now, the other side of the Merchant Risk and Compliance platform, of course
is helping you not onboard bad actors to prevent abuse and financial losses.
So we're launching a new tool today
that gives you superpowers in that fight versus fraudsters.
It surfaces fraud signals to you
based on activity from across Stripe's network of platforms.
We've long used that data for Stripe's own internal risk management
and now we're going to externalize it for you.
So back on the Stripe Dashboard, here's my list of connected accounts.
You can see that Stripe is flagging some of them
as being potentially bad actors.
Let's click in on one of them to see
why Stripe is worried about this particular user.
The magic here is what's going on behind the scenes.
Stripe flagged this account because it's using banker KYC information
that was previously associated
with suspicious activity elsewhere across the Stripe network.
Pose would not have been able to catch this risk
by looking at their own data.
And I can take action on these signals
right here from the Dashboard.
Let's go ahead and request verification of a driver's license.
If the user doesn't pass the check
I can have Stripe automatically pause payouts.
So by using Stripe's Merchant Risk and Compliance platform
Pose can be confident that bad actors will be filtered out
while good merchants can namaste.
Sorry, when I became a dad, things like that
just like they come out for some reason.
So, Bharath, as a quick sidebar, could you scroll down to support cases?
I think people are going to be really happy to see what's there.
We regularly hear
that one of the hardest situations you have to deal with
is when Stripe and your support teams need to come together
to solve an issue for one of your users.
So today we launched the ability in the Dashboard
for you to see support cases that your merchants have with Stripe
and communicate about those cases with Stripe
to expedite things on behalf of your users.
Yeah.
(audience applauding)
I think that was actually the very first ever feature request
that I heard about Stripe Connect when I joined Stripe.
So far, we focused on growing a profitable payments business
but our ambitions and yours go far beyond payments.
You want to build deep multi-product relationships
with your users by offering expense cards
financial accounts, loans, and so on.
So now let's turn to embedded finance.
Bharath, I know you carved out a spot on the Pose dashboard
for Treasury, Issuing, and Capital.
How quickly do you think you could get those frontend implementations done?
Let's see.
Okay, so it makes so much sense for a business like Pose
to embed these other financial services.
A yoga studio's revenues are coming entirely through Pose.
The studio tracks and schedules their employees there.
So it'd be super convenient for studios to be able to issue expense cards
to employees right there in Pose and have it draw that balance down
into a downward dog or cobra pose, up dog.
Have I stalled long enough?
Honestly, I was going to let you keep going
but, yeah, I think we're good.
Just like before, all I had to do was copy and paste a few short snippets of code.
Let's take a look at what this enables.
First, my yoga studio's earnings can now be stored long-term
within this financial account.
They can also get loan offers right from my Pose dashboard,
and my studios can now create expense cards
so that their instructors can buy things like yoga mats and blocks.
And the best thing is because this is all done through Stripe
funds are immediately available to spend right from their Pose balance.
Being the home for this financial activity
puts Pose in a very privileged position with their users.
Outside of these embedded components, we unfortunately don't have time
to show all the other updates to our financial services products,
like the new Issuing fraud tools.
Even though they're outperforming industry benchmarks by 5 to 10 times
they didn't make the cut for today.
We are investing in this area because embedded finance
is taking off and we see it in the stats.
Last year, we shared that platforms running on Stripe
had issued more than 100 million cards to their users.
That number has now almost doubled to 199 million.
I was really hoping for 200 the week of Sessions.
Didn't quite make it, but maybe in a few days.
We're seeing treasury funds stored via platforms
growing in excess of 240% year on year.
In 2023, businesses received over $1 billion in financing
through Stripe Capital.
Across our largest users, we see financial services revenue
outgrowing payments revenue by as much as 11 times.
That really validates all the effort that you are putting into investing
in embedded finance use cases beyond payments.
Now the CMO of Lightspeed is going to share
how they've used all of these capabilities
to deepen their relationships with their users.
Please welcome Kady Srinivasan.
(upbeat music)
Thank you, Alex. Great to be here.
Lightspeed started out as an in-person POS provider
with an iPad interface using other providers
for the actual payments processing.
Now, two decades later and following nine acquisitions since our IPO,
we offer flagship products in retail, hospitality, and golf
in over a hundred countries.
We have amazing customers.
Innovators from Five Guys to Nordstrom
partner with us to be the go-to destination in their space.
In 2019, we decided to build our own global payments platform in-house
to provide a truly holistic solution for our customers.
We needed a partner that could support our global ambitions
but also our customers' complex omnichannel businesses.
That's when we did a comprehensive review of the market
and we came to Stripe.
With the combination of Stripe Connect and Stripe Terminal
we were able to build our own in-person
and online payments business
in the countries we wanted to operate in.
What really surprised us
was that Stripe had best-in-class reliability
and ease of use across the board, not just in top markets
but in all of the countries that we wanted to operate in
so that we could serve our customers to the same standard everywhere.
And building our own payments products with Stripe meant
a better user experience, lower churn, and higher adoption.
But in turn, customers love being able to run
their whole business on this platform end to end.
Since then, our global payments volume has grown significantly year over year
and payments now contributes more than 50% of our revenue.
We've also continued our global expansion.
For example, we own a significant amount
of market share in the Benelux countries.
And as of last fall, our customers in those countries
now have access to our retail payments product
thanks to Stripe.
We've also expanded into financial services
offering our customers the growth funding that they need
with Lightspeed Capital that's built on Stripe Capital.
We've also just launched a new iPad stand
that also holds a custom Stripe Terminal reader
enabling our customers to offer a more seamless payments experience.
We're really excited for what we'll build together next.
Thank you.
(upbeat music) (audience applauding)
Thank you, Kady. Well that's the whirlwind tour
of our last year on Connect and embedded financial services.
We've enabled you to tailor Connect to your needs
launched 17 embedded components
a new Merchant Risk and Compliance platform
pricing tools, support functionality
and updates across our embedded finance products.
Even if today you don't think of your company
as a platform or marketplace
there are almost certainly ways
you can use all of this to extend your business
in new directions.
Now, to share what's new in our Revenue
and Finance Automation suite, here's Sharmeen.
(upbeat music)
We're going to shift gears now and talk about the tools we're building
for orchestrating your revenue.
A consequence of the internet
is that revenue models are becoming more complicated.
Let me say that again.
Revenue models are going to be more complicated
because of the internet.
A one-size-fits-all approach to revenue used to work well.
If you were selling to a lot of customers, you did so through distributors.
Your tools were very blunt, you didn't have real-time observability
and you couldn't implement dynamic pricing.
Today, you can have direct-to-customer businesses
selling to millions of customers
or have marketplaces with diverse participants
and you're now able to bill in precise ways
based on seats, or on usage, or any combination of things like that.
We've heard from you that there are no good off-the-shelf solutions.
We live in a wild world where my phone can remind me every week
just how much my screen time has gone up.
And it's not good y'all
but it is incredibly hard for businesses
to say exactly what their revenue was yesterday.
We think that the revenue platform of the future
is yet to be built, and we're committed to making it happen.
At Sessions last year, we unveiled our Revenue and Finance Automation Suite.
Today it consists of these six products.
We want to help you handle your entire revenue cycle
from invoices, billing and taxes to revenue recognition and reporting.
We call it RFA for short.
More than 300,000 companies are using RFA products
including Cloudflare, GitHub, Atlassian, and Figma.
RFA will pass a $500 million annual revenue run rate
in the coming months.
So what's new today? A lot.
Let's start with Stripe Billing, the cornerstone of our RFA Suite.
It's where you set up your revenue calculation
and collection logic.
Over the last few years, we've noticed a significant shift.
Usage-based billing has become more popular
among software companies, particularly in the AI industry
because inference costs are very real.
Today, over 80% of SaaS companies already do
or plan to charge based on usage.
We know how important usage-based billing is.
It's how Stripe has always worked
but we haven't comprehensively supported it
in Stripe Billing.
Well, we're fixing it today.
We now enable usage-based billing with our new Meters API.
(audience applauding)
You can ingest usage data in real time
connect it to your pricing, ensure accurate billing based on usage
and cohesively integrate it with the rest of the RFA Suite
for end-to-end management of usage-based revenue.
Let's take a look at it in action with the help of our CTO, David Singleton.
David, take it away.
Thanks, Sharmeen.
Meet our demo company Hypernian,
which makes products for creative professionals.
Let's imagine that I work at Hypernian for the purposes of this demo
and we want to launch a new AI-powered service
that does language translation.
And we want to charge by the number of words translated
like a modern-day Charles Dickens.
Our CEO wants to announce it on our earnings call in two weeks.
I just talked to the eng team, and it's going to take us several months
to develop the billing logic in-house.
You might say it's the best of times and it's the worst of times.
But Stripe Billing just launched support for usage-based billing
so let's see if we can get it done faster that way.
So let's take a look. Here is Hyperion's Stripe Dashboard.
Before we can bill for usage, we need to measure it
and we do that with a Meter.
Let's go ahead and create a new one here.
I'm going to give it a name. We'll call it Words translated.
The cool thing about Meters is
that they can also gather data about custom keys
so that I can use them for kind of application-specific analysis later.
I really care for my service about the source language
and the language that we're translating into.
Great, let's go ahead and make it, and take a look.
Meter is being created and there is even a little code snippet there
that we can use to get started in our integration.
And in fact, let's do that right now. So check this out.
This is Hypernian's actual code for their translation API.
You can see it's mostly complete here.
We're counting the words already. We're passing it off the backend
to do the actual translation.
So all that remains is to report that usage to Stripe
so that we can bill for it.
Alright, Stripe's docs are pretty good
and I could go off and figure out how to do this
in Python over there
but let's see if we can get that done even more quickly
using Stripe's soon-to-be-available extension
to GitHub Copilot.
So this is GitHub Copilot in VS code
but I can actually talk directly to Stripe.
This is an agent that we've trained on all of our docs and examples
and I can ask it how to create a Meter event.
So I'm going to go ahead and hit "Enter" here.
It's generating a code snippet and looks pretty good.
I'll move that over into my code.
You can see here, of course, we want to charge based on the word count
and that's all there is to it.
It's getting the reporting, aggregating by customer.
Now of course, any good software engineer
will tell you that once you write code, you need to test it.
I have a handy little load test that I've been using
for the translation service right here.
Let's kick it off and it's ready to go.
So I will go ahead. Three, two, one.
Off it goes.
We're sending hundreds of requests per second
to the translation API.
Let's see how that looks on the Stripe Dashboard.
So go over to Meters here, open up that Meter
and look at this, live usage being reported in real time to Stripe
and you can see all the details, all the customers
and the number of words translated.
And it doesn't even stop there.
Look at this.
I can go into "Aggregated usage," view "Details."
Remember that translation language that I added earlier?
Let's look at that.
You can see that live reporting broken down by the translation language.
We can see here Korean and Spanish are pretty popular
so maybe I'll go and scale up the machines that handle those languages.
So just 90 seconds ago
charging customers by usage seemed very challenging
but now with a few simple steps
you get up and running
with Stripe Billing's new Meters API, which is available today.
(audience applauding)
We also said earlier that we help you implement
richer revenue models.
You've been able to implement bespoke models on Stripe for years
by writing code that responds to our webhook events.
But you've been asking for Stripe to handle
more of that complexity for you, to be able to express the intricate logic
of your businesses on our systems.
You can now set up trigger-based workflows
to orchestrate your revenue model directly in the Stripe Dashboard.
We're calling it Automations.
Let's take a look.
So we're back in the Hypernian Dashboard here.
I'll head over to our Automation settings
and I'm going to make a new one.
What I would like to do is to offer
a $12 credit for new customers of this translation API.
With Automations, I can choose from a range of triggers.
In this case, it's going to be when a new customer is created.
And for every new customer, let's sign them up for the correct plan
and we're going to credit their customer balance
by those $12 to help them check out the service.
I'll go ahead and hit "Publish."
And that's it, it's that easy.
One flow in the Dashboard saved me from writing hundreds of lines of code.
And this is a real paradigm shift. Yeah, it's a real paradigm shift
in how you can integrate with Stripe.
And today we're adding Automations for some of the most popular workflows.
Stripe Billing users like Linear and Intercom
are already using automations for revenue recovery and production.
We're going to enable more parts
of your software-defined financial services stack
using Automations over time.
Today we're also announcing
a raft of other new features for Stripe Billing.
So I'm going to go through this quickly. You can now provision access to features
based on customer's billing plans with our new Entitlements API.
With our new Invoice Preview API, you can give your customers a sneak peek
at what's to come in their invoices
so they don't have to wait with great expectations.
With advanced discounting
you can now easily offer an enterprise prospect
a standard 10% discount for large base volume
plus an additional 10% off for usage going beyond the threshold
on the same subscription plan.
And everything we just talked about is generally available right now.
(audience applauding)
We also know that transitioning to new billing systems
can be a fraught experience.
So we've been rolling out a new no code migration toolkit
to help you switch to Stripe Billing easily.
With these updates, we think Stripe Billing
will make it easier to adapt your business
as the world changes around us.
Back to you, Sharmeen.
(upbeat music)
Thanks, David.
The next pillar of our RFA Suite is Tax.
Part of what makes handling taxes tricky is that it's both continually changing
and extremely intricate.
For example, Florida now exempts admission fees
for sports events in their tax-free holidays.
This year, Estonia increased its standard VAT rate
from 20 to 22%
while Switzerland increased it from 7.7 to 8.1%.
We have teams of people who ingest thousands of tax rule changes
and ensure that every product category is mapped correctly.
Stripe Tax now works in 57 countries
and is used by the likes of Duolingo, FICO and Roblox.
We're launching two huge upgrades to Stripe Tax
starting later this year.
We will help you auto-register and auto-file
for sales taxes across the United States.
(audience applauding)
This fits squarely with our mission of growing the GDP of the internet
by helping you handle the unglamorous minutiae.
In addition to what we covered today
there's a bunch of new stuff in our other RFA products.
For example, a top request from many of you
has been for Stripe to give you a more complete picture of your business.
You can now import your transactions from Google Play and Apple App stores
to consolidate revenue recognition on Stripe.
To sum up, with our RFA Suite, you can better handle the complexities
of revenue model changes, using new upgrades we have announced today
including usage-based billing
tax registration and filing, automations and feature access provision.
We have an extraordinarily ambitious roadmap
and we're very keen to help you grow faster
with a modern revenue platform.
One customer who's had great success moving quickly with RFA is Anthropic
the AI company behind the popular large language model, Claude.
Please welcome to the stage the cofounder
and president of Anthropic, Daniela Amodei.
(upbeat music) (audience applauding)
Hi everyone. So to start, more than a decade ago
long before founding Anthropic
I joined a tiny startup of around 45 people called Stripe.
There's a lot that I carry with me into my work at Anthropic
from my experience at Stripe.
I learned a lot about the value
of safe and trusted technology during the time I spent helping to build
Stripe's risk program.
For those not familiar
Anthropic is dedicated to researching and building
some of the world's most reliable, trusted, and steerable AI systems.
This is why so many companies, from the most exciting startups
to large enterprises across every industry
trust Claude, Anthropic's AI model, with their businesses.
Claude is designed to work with every individual across every team
from sales and marketing to finance and engineering
whether improving customer support, analyzing complex documents and data
generating code, or creating content and visuals.
There's almost nothing Claude can't do.
We count on Stripe or scaling our business
so we can focus on innovating and serving our customers.
For Claude Pro, which includes Claude Opus
the world's most powerful AI model
we use Stripe Billing to manage subscriptions.
For our Enterprise API, we use Stripe Invoicing to make it easy
to automate accounts receivable, collect payments
and reconcile transactions.
This improves the experience for Anthropic and our customers alike.
And of course, we use Link for one-click payments.
Thank you to the Stripe team for your partnership
and your shared obsession with putting our customers first.
We can't wait to see what we'll do together next.
Thank you.
(upbeat music)
Thank you, Daniela.
Now, we covered a lot of ground today
from payment method A/B testing to usage-based billing
and a whole lot in between.
In fact, we only covered a fraction.
Here I'm highlighting everything we discussed.
As you can see, there is a whole lot that we didn't get to.
So we created a comprehensive change log on our website.
You can go to stripe.com/changelog and you can see everything that's new
since Sessions last year.
Before we wrap up, I wanted to share a foundational update
on how we're thinking about the ecosystem
which Stripe operates.
We've long believed that global commerce and money movement is a team sport
and you all work at some of the most sophisticated companies
in the world.
As John and Patrick mentioned at the beginning
you've been asking for years to make Stripe more modular
and interoperable so that our services
can fit into your existing technology stack.
So over the past few years, we've quietly made
several of Stripe services work better with other PSPs.
Today we're taking this one step further.
We're extending our modularity to the very core of Stripe
payments processing.
We're launching our Vault and Forward API
so that you can use even more of Stripe with other payments processors.
In particular, as of today, this moment, you can use our Optimized Checkout Suite
and everything we showed you
in the first 15 minutes of this keynote with other PSPs.
(audience applauding)
Helping you all manage the complexity of running multiple processors
will be a major investment area for us.
So we're just at the starting blocks.
We want to hear your feedback and wishlists, so come talk to us.
Now, users like Mindbody and Blackbaud
are already up and running with Vault and Forward,
and this service is available to all of you as of today.
Now, we also just showed you a bunch of upgrades
to Stripe Billing and Radar.
What we didn't say was Stripe Billing and Radar
will work seamlessly with other PSPs by the end of the year.
So three of Stripe's widely used services
the Optimized Checkout Suite, Billing, and Radar
will work with other PSPs.
Going forward is a general architectural principle.
All of Stripe's products will gracefully interoperate
with third-party processors.
(audience applauding)
It's a big deal. We're excited about it.
Now, please don't get me wrong. Payments is the beating heart of Stripe
and we do want you all to use Stripe for payments processing
but we want you to do so because we have the highest auth rates
the best payment method coverage
the best developer experience, and the highest reliability
not because you've been sort of technologically coerced
by all the great services right next to payments.
As we open up Stripe services
to interoperate with the rest of the payments ecosystem
we're also creating new vectors for partners
to extend Stripe's capabilities.
So for example, in certain markets, we're working with local payments leaders
to get you all more coverage.
Now, take South Korea, the world's 13th largest economy.
I'm excited to announce that Stripe has partnered
with the Korean PSP Nice Pay
to get you localized coverage faster.
So with a mere toggle in the Dashboard,
you can now give your customers a fully localized experience.
This includes all local card issuers.
There's more than 20 of them.
Four local wallets, local currency presentment
and as usual, end-to-end reporting and settlement.
Perhaps best of all, you don't even need a Korean entity.
So...
there's more.
(audience applauding)
Via partnerships like this one, we'll be bringing you localized coverage
in other major markets around the world.
Nigeria is up next in July,
soon to be followed by Indonesia and others in 2025.
Now we also showed you that we've more than doubled
the number of payment methods you can access via Stripe
from 50 to more than 100.
What we didn't say was payment methods
are now reverse-integrating themselves to Stripe.
Revolut Pay, Amazon Pay, Alma, Sunbit,
and more than a dozen others are already doing this.
So an ecosystem is accelerating your global coverage.
Of course, an ecosystem of ISVs is integrating Stripe
with third-party applications.
In the last year alone, we've more than doubled
the number of apps in the Stripe App Marketplace
from 70 to 150.
This includes new apps for Adobe and NetSuite
alongside existing apps for Xero and Mailchimp.
Partners have added a ton of new connectors
to systems like Oracle OPERA, and Cegid.
We're also extending our partnership with Salesforce.
Going forward, Stripe will be
the default payments provider for Commerce Cloud,
and we'll work together to provide high-touch support
for our joint customers.
This list could go on and on, from the large financial institutions
that originate the loans for platforms that Alex talked about
to issuers joining the Enhanced Issuer Network,
all the way to certified architects and solopreneurs
writing and maintaining specialized plugins.
So global commerce and money movement is a team sport.
Our mission to grow the GDP of the internet is a team sport.
Ultimately, this ecosystem view of economic growth
is emblematic, why we are all here together today
at Stripe Sessions.
Hopefully, you do leave this room with some specific ideas
about how Stripe can help you increase your conversion rates
grow your embedded payments business, evolve your business model, and so on.
But there's also something deeper at play.
All of you in this room are at the forefront of the internet economy,
which is to say you are at the forefront of the economy.
And the next decade, of global economic growth
will be shaped disproportionately
by what each of you does and what we can do together.
Thank you and enjoy Stripe Sessions.
(audience applauding)