Forty Seven Bank We are connecting financial worlds

März 08, 2018

Forty Seven Bank We are connecting financial worlds

The mission of Forty Seven Bank and management team is to provide safe, innovative and user-friendly financial services and products to our customers – individuals, businesses, developers, traders, financial and governmental institutions. Forty Seven Bank is a bridge capable of connecting two financial worlds and establishing efficient communication between them, a communication that will open up possibilities to level up whole modern financial system.

About Forty Seven Bank

Forty Seven Bank will be a fully digital innovative branchless financial institution which complies with all EU directives, Basel III, Financial Conduct Authority (FCA), Prudential Regulation Authority (PRA) and Bank of England requirements.

The bank is going to be specialising in digital finance services by fully supporting cryptocurrencies and traditional fiat currencies. Basic cryptocurrency procedures include sale and purchase features, investment and exchange options and crypto-saving and current accounts. Multi-Asset Account will be one of the featured innovative products oered by Forty Seven Bank – it will allow customers to have access to all their accounts in dierent banks and crypto wallets as well as to their investments and savings in cryptocurrency and fiat equivalents via single application. It will be possible to operate with each asset type accordingly by having only one Multi-Asset Account at Forty Seven Bank.

We will oer unique crypto products like bonds, futures and options. Our goal is to invent such market- place and take the leading position in both short and long-term perspectives. Companies will be able to attract finances via product invented by Forty Seven Bank – Cryptobonds. Cryptobonds will be traded on various exchange platforms (mainly at the one developed by Forty Seven Bank).

Forty Seven Is Innovative products for everyone

The featured product is a Multi-Asset Account for private customers with a tied card.
Remote identification and authorisation based on passport and biometric data
Unique combination of payment tools – SWIFT, credit and debit cards, e-wallets, secured cryptocurrency payments
Transactions with any type of cryptocurrency through the bank’s application and with no need to wait for current exchanges. Uploading, withdrawal, and conversion by any pair is available
Wide range of services including crediting, insuring, invoice presentation, credit/debit card management etc.
Cross-platform access for clients to manage accounts opened with any European bank that complies with the PSD2 directive
Convenient and user-friendly UI
Analysis that helps a client to make the right financial decisions via services of a personal manager created on the basis of machine learning algorithms

Forty Seven is Propositions for business

Business products oriented towards small and medium-sized enterprises.
Managing an account via Application Programming Interface (API), creation of financial applications
Receiving payments from a merchant in both cryptocurrencies and in fiat money on the company’s account (card, SWIFT) using a form or API
Mass payouts for marketplaces
Loyalty management for clients using big data
Factoring services based on the operation of machine learning and big data (artificially intelligent algorithms able to predict the probability of repayment of credit as well as timeliness of repayment from a company)
Escrow services
Mobile application with biometric identification for multi-currency transactions

Tools and services for external developers

Opportunity to provide Forty Seven banking services under your own brand (white label)
API access that allows the development and implementation of modern financial services based on Forty Seven infrastructure and processes
Holding DevDays conferences for independent developers
A showcase of financial applications using Forty Seven API

Products for Private Persons

Account Management : Forty Seven Bank clients will have a lot of possibilities related to account management. Having access to just one application, a customer will have access to all his accounts in dierent banks at one place it will be easy to manage personal finance in such a way. Besides that, a client is going to have access to all his crypto wallets, investments in traditional financial assets (stocks, bonds, commodities, etc.) and credit or debit cards. This is a featured product oered by the bank and it is called a “Multi Asset Account”. The product will reduce complexities of using dierent types of assets by centralising all the financial activities of our private customers at our single system. It will be easy to quickly transfer resources from one fiat currency to another, or from fiat currency to a digital currency, or vice versa. Moreover, transaction costs will be reduced substantially by doing that at Forty Seven Bank. Our App Platform will also allow clients to use several analytical applications that might help in personal finance management.

Invoicing : Forty Seven Bank will support its customers who are oering small products and services as individuals without having a company. Such individuals might be freelancers, copywriters, developers, translators, handcraft professionals, etc. The bank will provide user friendly and simple invoicing services for such customers. By using the service, a client will be able to automatically issue invoices and receive both fiat and nonfiat funds to cover them.

Deposits and Loans : The bank will oer deposits and loans in traditional fiat currencies like EUR, USD and others, as well as in non-fiat digital currencies like BTC, ETH and others. At the moment, there is no financial institution in the world that is oering similar products in non-fiat digital assets, whereas we see that there is huge potential in developing and introducing classic banking products for non-fiat digital currencies.

Investments and Brokerage : Individual clients will have opportunities to create and manage their investment portfolio by using investment and brokerage services provided by Forty Seven Bank. The bank is going to develop its own exchange in addition to partnering exchanges that could be connected to by using Forty Seven Bank platform via API.

Other Services : The bank will also oer traditional products and services like insurance, payments and transfers, payment history and analysis, cash withdrawals at Forty Seven Bank Smart ATMs, as well as at ATMs of our partnering banks. Additionally, Forty Seven Bank will provide smart support with integrated machine learning technologies to our individual customers — it will help to resolve issues between the bank and its customers in evective way.

Features and technologies

Based on the possibilities of the banking and cryptocurrency industries, we will take the best of the two spheres using innovative and proven technologies in the fields of finance, analytics, and data security.

Forty Seven Bank will provide open, flexible and well-documented API covering the majority of banking services. We will launch our own financial application platform that uses our API. By attracting clients and external developers, we plan to turn it into an efficient ecosystem with constantly growing value.

Application of smart contracts to automate financial processes, thereby enabling us to make deals and give credits with no risk of fraud. The implementation of machine learning technology will allow the creation of a personal manager to foresee all wishes of the client. A virtual interlocutor will assist in the reallocation of cash flows and will provide timely current financial information.

Biometric technologies and blockchain will enable users to open an account distantly and access it via smartphone and ATM without using a card. In combination with cryptographic encryption, these developments will provide increased security of personal and payment data.

Forty Seven Token

What is a Forty Seven Token:

It’s a token that represents a part in Forty Seven Bank’s infrastructure and grants the wielder a priority place in the bank’s loyalty program. Holders of FSBT tokens have the right to receive yearly bonuses in the form of FSBL — Forty Seven Bank loyalty tokens. Besides that, FSBT tokens are a crucial economic part of Forty Seven Bank’s ecosystem — they will be needed in order to access the full range of products and services. After the crowdfunding campaign is finished, FSBT tokens will be available for trade at various cryptocurrency exchanges.

What is a token used for:

20% of the bank’s annual net profit will be invested into the loyalty program. Using smart contracts, each FSBT token holder will be able to receive their FSBL tokens based on the amount owned and afterward, exchange the FSBT tokens for different goods offered by the loyalty program (electronics, household items, airplane tickets, banking services, insurances, etc.). All FSBT token holders will receive the right to participate in Forty Seven Bank’s yearly crypto community development program and decide which projects will be supported by the bank and its shareholders.

Abbreviation: FSBT.

Control over emission: is provided by the system of interconnected smart contracts.

Rate: Fixed, value of one token — 0.0047 ETH.

Maximum amount of tokens to be generated: 55 319 149 FSBT (incl. bonus tokens, tokens for bounty and founders).

Minimum budget to start the project: 18 000 ETH (5M EUR).

Hardcap: 180 000 ETH (50M EUR).Accepted cryptocurrencies on ICO: ETH, BTC.

ICO round 1: November 16 — December 16, 2017.

ICO round 2, 3: Q1 2018 (TBD).