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Tax software provider Intuit has agreed to pay OpenAI more than $100 million a year to use the artificial intelligence startup’s large language models to bolster its financial products.
Intuit shares climbed 2% premarket following the news.
By using OpenAI’s technology inside GenOS, its internal AI system, Intuit is aiming to upgrade its products with advanced AI agents. The models will work across Intuit’s TurboTax, QuickBooks, Credit Karma and Mailchimp services.
The companies are also partnering to integrate OpenAI’s ChatGPT chatbot with Intuit’s offerings.
TurboTax users can link their Intuit accounts to ChatGPT, and take tax or financial actions in a secure fashion. ChatGPT can then guide those customers through tasks tied to their TurboTax filings or financial profile without ever accessing the underlying documents. The experience will run inside ChatGPT.
As part of the partnership, users will be able to authorize Intuit to pull the right data and return tailored results, like estimating a tax refund, finding the right credit card, or generating QuickBooks insights off real-time business activity.
For OpenAI, the deal adds a major finance partner, a meaningful revenue stream, and momentum behind its strategy of turning ChatGPT into a broad platform that works across numerous industries. The company also needs to show it has significant growth avenues to justify its $500 billion valuation and more than $1.4 trillion in spending commitments.
OpenAI has struck similar deals with companies like PayPal, Shopify, and Walmart, which have begun integrating payments, shopping and transaction capabilities into ChatGPT.
Privacy is of particular importance when it involves financial data. A user’s information will stay inside Intuit’s ecosystem, even when accessed through ChatGPT.
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