While Stripe's Foundation Model is interesting work, the approach isnβt new. Several companies have built payments foundation models before. Featurespace (now part of Visa) announced the first one in 2023, published a paper, then used it in the 2024 PayUK APP PoC. Links below:
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While Stripe's Foundation Model is interesting work, the approach isnβt new. Several companies have built payments foundation models before. Featurespace (now part of Visa) announced the first one in 2023, published a paper, then used it in the 2024 PayUK APP PoC. Links below:
Peer-reviewed academic paper: https://arxiv.org/abs/2401.01641
Initial press release: https://www.featurespace.com/newsroom/featurespace-launches-tallierltm-for-the-financial-services-and-payments-industry
PayUK PoC results: https://www.featurespace.com/newsroom/featurespaces-pilot-with-pay-uk-again-demonstrates-the-potential-for-national-payments-systems-to-help-combat-fraud