Basis Theory Launches Consortium to Transform Agentic Commerce
Basis Theory Launches an Innovative Consortium
New collaboration unites AI researchers, innovators, and networks to advance agent-led commerce.
Basis Theory has formed an exciting new initiative known as the Agentic Commerce Consortium. Drawing in a group of key players from the AI landscape, including innovative companies like Lithic, Crossmint, Skyfire Systems, Rye, Channel3, Catalog, New Generation, and Henry Labs, this consortium aims to create a robust foundation for what is being termed agent-led commerce.
Understanding Agentic Commerce
At the heart of this movement is the release of a seminal white paper titled Empowering Merchant-Controlled AI Commerce: An Open Agentic Commerce White Paper. This pivotal document outlines how intelligent agents can research, recommend, and transact on behalf of consumers and businesses autonomously. The aim is to promote a future where these entities operate seamlessly within commerce, providing users with more personalized and efficient experiences.
The Role of the Consortium
Under the leadership of Basis Theory, the consortium aims to function as a central hub for organizations and experts dedicated to transformative innovations in commerce. Together, members will explore emerging models in agentic commerce, establish shared frameworks, and create technical standards that accelerate implementation across the marketplace, ensuring solutions are both effective and secure.
Industry Expert Perspectives
“The surge in consumer adoption of AI-driven solutions,” mentioned Colin Luce, CEO of Basis Theory, “is pushing us to rethink our approach to the internet economy. The momentum from platforms like ChatGPT shows that interaction with AI is becoming a staple in our daily lives. The roles that these AI solutions will play in e-commerce are evolving rapidly, and the Agentic Commerce Consortium aims to position itself at the forefront of this revolution.”
Entering a New Era of Commerce
With the Agentic Commerce Consortium, merchants can opt into automated solutions that enhance their strategies while maintaining control over their operations. This initiative directly addresses existing challenges faced by businesses, allowing for a smoother integration of AI technology while acting against potential threats posed by unregulated bot activity that can undermine merchants.
This launch arrives at a pivotal time, alongside significant partnerships formed with financial giants such as Visa and Mastercard. These collaborations emphasize the importance of secure and progressive payment solutions tailored for today’s dynamic economy.
Strengthening Payment Solutions
Sherri Haymond, co-president of Global Partnerships at Mastercard, shared insights on the evolving landscape: “AI is making rapid advancements in payment technologies and we must empower merchants and tech service providers with reliable and adaptive solutions. Our partnership with Basis Theory not only enhances how businesses use payment data but also encourages diverse participation within agent-led commerce.”
Aligning Industry Stakeholders
The formation of the Consortium and its supporting white paper represent a significant leap forward for aligning industry stakeholders with a unified vision for a commerce ecosystem driven by AI agents. This approach will ensure that the core infrastructure is secure, interoperable, and ready to support the growing demands of modern commerce practices.
About the White Paper
The comprehensive white paper, Empowering Merchant-Controlled AI Commerce: An Open Agentic Commerce White Paper, not only introduces pivotal concepts surrounding agentic commerce but also explores the infrastructure challenges and opportunities that lie ahead. It establishes initial frameworks for collaboration and is designed to be an essential resource for stakeholders across this innovative landscape.
About the Agentic Commerce Consortium
This Consortium, spearheaded by Basis Theory, connects AI innovators, researchers, and solution providers, all focused on enhancing agentic commerce infrastructure. Through collaborative research and innovation, it aims to push the boundaries of what's possible in agent-led commercial practices.
About Basis Theory
Founded in 2020, Basis Theory operates as the leading independent payment vault, dedicated to helping merchants and platforms to safely and efficiently manage sensitive payment data. Emphasizing security with PCI Level 1 compliance and SOC 2 certification, Basis Theory facilitates unparalleled flexibility for customers, including notable brands like Pinterest, Melio, and MoneyGram. The firm is supported by renowned investors such as Costanoa, Bessemer Venture Partners, and Kindred Ventures.
Frequently Asked Questions
What is the Agentic Commerce Consortium?
The Agentic Commerce Consortium is a collaboration led by Basis Theory bringing together innovators and researchers to advance agent-led commerce.
What is the purpose of the inaugural white paper?
The white paper outlines the foundational aspects of agentic commerce and aims to enhance the understanding among stakeholders about emerging opportunities.
Which companies are part of the consortium?
Key members include Lithic, Crossmint, Rye, Skyfire Systems, and others working towards innovating commerce.
Why is agentic commerce important?
Agentic commerce allows automated, intelligent transactions that can enhance user experience and streamline business operations.
How does Basis Theory support merchants?
Basis Theory provides a secure payment vault system that helps businesses manage sensitive data and gear toward a more flexible payment infrastructure.
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