Payment technology company Stripe Inc. today added a range of new features to its lineup of services nearly two weeks after announcing it raised $600 million in new venture capital.
The three major updates include expanded support for global card networks, an updated revenue optimization engine and a new application programming interface that allows U.S. businesses to issue their own cards.
At the top of the list, Stripe now provides support for processing card transactions through direct integrations with major global card networks. Stripe’s platform now connects directly to Visa, Mastercard, American Express, Discover, JCB and China Union Pay.
The direct links enable Stripe to exchange information directly with card network rather than relying on intermediaries, reducing latency and removing points of potential failure for customers.
Stripe’s updated revenue optimization engine applies machine-learning technology used in its fraud-prevention tool Radar to develop bank-specific profile. The goal is to maximize authorization rates without increasing fraud rates.
“This extra revenue would’ve been welcome under normal circumstances but it’s critical in times like these,” Stripe co-founder and President John Collison said in a statement. “The Stripe team will keep shipping updates like these — from home — so our customers receive every penny they’re due.”
The last launch is Stripe Issuing, a service that’s claimed to be the world’s first self-service card issuing product. Available for U.S. businesses, Issuing offers a fully programmable infrastructure for cards that reduces the time required to create a card from around two months to two minutes for virtual cards, or two days for physical cards.
In beta testing, Stripe Issuing has already been used by companies such as Zipcar, Carrot Inc. and Postmates Inc. with the service now available to all U.S. users.
Amid the COVID-19 pandemic, Stripe has benefited as more businesses turn to online sales amid social distancing and physical location closures. New customers since the start of 2020 include Caviar LLC, Coupa Software Inc., Just Eat Ltd., Keap, Lightspeed POS Inc., Mattel Inc., the National Broadcasting Co., Hashtag Paid Inc. and Zoom Video Communications Inc.
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