Stripe Debuts Data Pipeline Tool for Data Synchronization
Stripe, a financial infrastructure platform for businesses, is debuting a new tool called Stripe Data Pipeline to help consolidate data with Amazon Redshift or Snowflake Data Cloud.
According to a press release Wednesday (May 18), the platform syncs Stripe data with those two platforms so they can be queried in combination with other business information.
Businesses can then use their data to speed up their financial close and automate reporting to identify key insights, such as best performing payment methods or the best fraud modeling approach.
The release noted that Stripe is looking to innovate how data is unified at scale, as historically, businesses looking to analyze the data could either build an application programming interface (API) integration or contract with third parties — both of which could either be expensive or lead to incomplete results.
Stripe said Data Pipeline will offer reliable data delivery, letting users send their data to Snowflake Data Cloud or Amazon Redshift with a few clicks. It will offer comprehensive business reports, and the fact that Data Pipeline is built right into Stripe’s financial platforms allows for quality data integrity and security.
Per the release, it will also add fraud detection measures, assessing fraud signals such as chargebacks.
“Stripe data in Amazon Redshift and Snowflake Data Cloud has been a top Stripe user request,” said Vladi Shunturov, product lead at Stripe. “With Data Pipeline, we’re helping our users set up a direct and reliable pipeline in mere minutes.”
Earlier this month, PYMNTS wrote that Stripe is looking to help businesses set up direct connections with customers’ bank accounts, allowing them to set up various financial processes.
See also: Stripe Offers Businesses Customer-Account Verification Tools
Through the Stripe Financial Connections program, customers can verify accounts and payouts, check balances and cut down on fraud, confirming the ownership of the account.
The report said direct bank account connections have always been difficult because businesses had to build custom integrations or ask customers to physically enter their routing and account numbers before confirming microdeposits days later.