Forty Seven Bank – Connecting Financial Worlds.

https://www.fortyseven.io/
what is Forty Seven Bank ?
Forty Seven Bank is innovative fin tech startup aimed at uniting communities of cryptocurrency users and followers of the traditional monetary system. We build the bridge between digital assets and fiat money. Learn more about the bank of the future.

Forty Seven Bank is innovative financial technology start up

aiming to provide high quality, secure and user friendly banking services for individual and institutional consumers, which will be fully recognised by the financial authorities and compliant with regulatory framework.

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.

Our team is going to devel op a PSD2 compliant system

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).

Uniqueness of Forty Seven Bank will be a full technological and legal equipment for cryptocurrency processing and treatment.

In the absence of direct competitors, the bank believes that there could accumulate signifi cant demand for products and services of the bank at the first glance which will create the constructive base for healthy growth in long-term. During the last half year, total market capitalization of all cryptocurrencies has risen by seven times. In our opinion, currently, the market is in its early stage and there is great potential in new projects aimed at invention and development of ecosystem and infrastructure projects for cryptoworld. We believe that Forty Seven Bank will be the first in its kind and will take the leading position on the market in short period of time. During the last year, ICO has become a widely used tool for cryptocurrency holders to contribute resources into dierent projects. ICO has also become another good option for companies to generate finances.

However, the market is mostly unregulated. Companies have also the problem of translating gathered funds into fiat currencies and use them as capital, as according to general accounting principles it is neither equity nor liability. We believe that ICO financing tool is great potential market and phenomenon that shifts the paradigm of commonly used accounting principles. Forty Seven Bank is going to support the contributors by providing open-source due diligence on ICO projects and will become the rating agency for them. Additionally, we will help the projects with escrow services and smart contract development. Companies will also have opportunity to resolve accounting and legal issues connected to ICO using the services of the bank and domestic legal consulting agency.

The mission of Forty Seven Bank is to create innovative, flexible and open Application Platform for financial technology developers, who will be able to operate under the roof of Forty Seven Bank, having access to banks infrastructure and customer base. We will give opportunity to developers with small or medium capital to create white label applications which will be able to compete with traditional banks. Our Bank as a Service (BaaS) solution will disrupt financial sector of the European Union by reducing barriers to entry the fintech market.

One of the most significant breakthroughs expected in the financial services technology is already expected in a couple of years’ time.

The trend of moving away from centralised to decentralised markets was introduced by the European Commission with Payment Services Directive (PSD) followed by PSD2 which comes into force next year which obliges financial institutions to grant the access to their various prod ucts and services via Application Programming Interfaces (APIs). Successful integration of the directive will create the single trade and transaction market which also will bring users closer to the digitals assets.

According to CoinMarketCap1, there are now around 800 crypto assets which are worth a total of up to 150B USD. There’s a proposition that cryptocurrencies could be valued at 5T USD by 2022 in market capitalisation2.

Our values are:

Transparency;
Financial stability;
Effectiveness and user firendly procedures;
Security and privacy (data protection);
Innovativeness;
Customer satisfaction;
Market share growth and worldwide expansion;
Profit for all stakeholders.

Products for Private Persons

Account Management
Deposits and Loans
Investments and Brokerage
Invoicing
Other Services

Figure 1 below presents the range of products and services that will be oered by Forty Seven Bank to private persons.

Fig. 1: Possibilities provided by Forty Seven Bank to individuals.

By the virtue of the new banking regulations and decentralisation of the services which optimises communication between transaction parties, the PSD2 directive imposes significant operational changes and creates single digital market in Europe where consumers can proceed their financial management from the platform which aggregates previous individual services. Forty Seven Bank in this case, outstands by the fact of the digital cryptocurrency transaction services and processing support. Forty Seven Bank clients will have an opportunity to analyse and manage all financial operations in fiat and non-fiat curren- cies using flexible analytical functions of our smart software. For technically advanced clients, there will be the possibility to manage a bank account via API.

Products for Business

Forty Seven App Platform and API Management
Payment Processing and Invoicing
Financing and Factoring
White Label Processing
Biometric POS terminals
ICO Services

Synergy of smart contracts and blockchain will open new unbeliev able opportunities. Our team is aiming to break through traditional banking and step into the new banking perspective using the current innovative exclusive services for future advantage. We are creating not just technological bank, we are creating the bank of the future.

Figure 2 below shows Forty Seven Bank products and services for business clients.

Fig. 2: Possibilities provided by Forty Seven Bank to business clients.

Technological and operational facilities of our platform will be fully built to support customer needs where customers can pay full attention to their personal or business expertise and benefit from highly digital and cost eective solutions when it comes to payments and transaction management. Our clients will have opportunity to easily scale up their business using our infrastructure and business model.

see more products on its official website at : https://www.fortyseven.io/products

Tools and services for external developers

The featured product is a Multi-Asset Account for private customers with a tied card.

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

Features and technologies

Emission of tokens

What is a Forty Seven Token : Forty Seven Bank Token (FSBT) is a cornerstone of Forty Seven Bank infrastructure. FSBT tokens will be demanded by partners-developers in order to be able to upload their fintech applications into Forty Seven Bank App Platform. FSBT will also be demanded by businesses in order to improve the effectiveness of financial and operational activities via smart contracts. For private customers FSBT tokens will give several benefits in using Forty Seven Bank products and services, as well as token holders will be top priority customers of the bank according to loyalty program and will get loyalty rewards on yearly basis based on performance of the bank. After the crowd-funding campaign is finished, FSBT tokens will be available for trade at various cryptocurrency exchanges.

Abbreviation: FSBT.
Control over emission: is provided by the system of interconnected smart contracts.
Actual rate: 1 FSBT = 0.00393 ETH (including current bonus).

Maximum amount of tokens to be generated: 11 063 829 FSBT (incl. bonus tokens, tokens for bounty and founders).
Softcap: 3 600 ETH.
Hardcap: 36 000 ETH.
Accepted currencies on ICO: ETH, BTC.
ICO: now – 31.03.2018.

Token distribution