This payment network lets AI spend your money
What's the story
Skyfire Systems, a tech start-up, has introduced a revolutionary payment network designed for artificial intelligence (AI) agents. This platform allows these agents to conduct autonomous transactions. To address concerns about AI agents having direct access to bank accounts, Skyfire has implemented safeguards. Each AI agent is assigned a digital wallet with a unique identifier, where businesses can deposit a predetermined amount of funds for the agent to spend. This prevents the AI from having unlimited access to a bank account.
User control
The network offers transparency and spending limits
Skyfire also provides customers with the ability to set spending limits for their AI agents, both per transaction and over time. If an agent attempts to exceed these limits, a human is alerted for review. Additionally, Skyfire offers a dashboard that permits users to track exactly how much and where their agent is spending money.
Company vision
Vision for AI-powered payments
Skyfire's Chief Product Officer, Craig DeWitt, emphasized the importance of enabling AI agents to make payments. He stated that without this capability, AI agents are essentially just advanced search tools. The company recently announced its official launch, and has secured $8.5 million in seed funding from investors like Neuberger Berman, Inception Capital, and Arrington Capital among others.
Revenue strategy
Revenue model in the AI payment network
While Skyfire does not create the AI agents, it plays a crucial role in ensuring that they can transact on its payment network. The company generates revenue by collecting around 2% to 3% of every transaction. It also sees potential for additional income from verification services in the near future.
Beta testing
Skyfire's payment network tested by AI agents
In a beta test conducted over the past two months, several AI agents have already been using Skyfire's payment network. Global auto parts manufacturer Denso and Payman, a company that uses AI to pay humans for tasks, are among those who have tested the system. This has allowed their AI agents to operate more autonomously than before.