TLDR Tech / Fintech
Systems of record won the SaaS era, clearinghouses will win the agents era
The AI-era equivalent of the SaaS system of record is the “clearinghouse” for agents: the layer that governs what agents know, see, do, and prove after the fact. Durable moats will shift from owning data to owning permissions, policy, execution controls, and audit trails, creating opportunities for vertical startups or neutral multi-agent governance platforms that can sit between Microsoft, Salesforce, Snowflake, Databricks, and agent-native tools.
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