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tax software provider intuition has agreed to pay OpenAI more than $100 million a year to use the artificial intelligence startup’s large-scale language models to power its financial products.
Intuit stock rose 2% premarket on the news.
Intuit aims to upgrade its products with advanced AI agents by using OpenAI’s technology within its internal AI system, GenOS. This model works across Intuit’s TurboTax, QuickBooks, Credit Karma, and Mailchimp services.
The companies are also partnering to integrate OpenAI’s ChatGPT chatbot with Intuit’s products.
TurboTax users can link their Intuit account to ChatGPT to securely take care of their taxes and finances. ChatGPT can then guide customers through tasks associated with their TurboTax filing or financial profile without accessing the underlying documents. The experience runs within ChatGPT.
As part of the partnership, users will be able to authorize Intuit to capture the right data and return customized results, such as estimating tax refunds, finding suitable credit cards, and generating QuickBooks insights from real-time business activity.
For OpenAI, this deal adds a major financial partner, a meaningful revenue stream, and momentum behind our strategy to transform ChatGPT into a broad platform that works across numerous industries. The company also needs to show it has a strong path to growth to justify its $500 billion valuation and more than $1.4 trillion in spending commitments.
OpenAI has signed similar agreements with the following companies: paypal, Shopifyand walmartstarted integrating payments, shopping, and transaction functionality into ChatGPT.
Privacy is especially important when financial data is involved. Your information remains within the Intuit ecosystem even when accessed via ChatGPT.
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