Forty Seven Bank — Connecting financial worlds

The continuous increase in the development of technology has had some positive impacts on the financial industry, thereby introducing new financial avenues. The evolution of these new technological channels has resulted in the expansion of the individual demands of consumers and industries, and the eradication of obsolete financial products. This has also created new challenges, concepts, and ideas by bolstering up old financial models, consolidating them into complex unified systems based on technological attributes that consistently expands the financial perspective into a digitalized and decentralized market technology. The trend of replacing the old centralized market system, with a decentralized technological system has resulted in the inception of lots of financial banking system such as the Forty Seven Bank.

The Forty Seven Bank is an outstanding financial project designed to unite communities of crypto-currency users and devotees of the traditional financial system. It is a financial organization that is internationally recognized by other financial communities with adherence and correspondence to the regulations of the system. This project was designed by a team of well-skilled and experienced professionals from the IT, banking, and financial sectors with vast experience in the creation and licensing of electronic payment systems. The financial products manufactured by the Forty Seven Bank, are secured, easy to use, and of great relevance with up-to-date technologies. Forty Seven will in no distant time, turn into the most significant structure that meets all the requirements of the regulators and payment services directives.

Mission of Forty Seven Bank

Forty Seven Bank aims at providing safe, inventive, creative, and user-friendly products and services to individuals, developers, financial sectors, businesses, and government institutions. It is a platform with the ability to interlink two or more financial industries and inaugurating effective and efficient communication between these firms. This interface will hence create possibilities to level up to the advanced modern financial system.

Products and Services Created by Forty Seven Bank

Forty seven creates quite a number of useful products and services for the crypto-community. Some of these products are outlined below :

1. Multi-currency Account

With Forty Seven Bank, people living in European can easily open and operate multi-currency accounts with their cards linked to it. This will assist people to easily manage European bank accounts by using an appropriate Internet banking web application or mobile application. It also enables customers to be able to send and receive payments, purchase and sell crypto-currencies, and easily convert their currency. Forty Seven Bank also enables customers to purchase goods and services using their cards, withdraw or transfer money using the Automated Teller Machine (ATM). Additionally these multi-currency accounts enable :

Outstanding combination of payment tools such as credit and debit cards, electronic wallets and secures crypto payments.
Easy transactions of a variety of crypto-currencies within the bank’s app without opting for current exchange rates. Enables the uploading, withdrawal and conversion by any pair.
Vast range of services such as crediting, invoice submission, insuring, debit and credit card management and lots more.
User to conveniently use it
Clients to make the appropriate financial decisions by making use of the services of a personal manager programmed by the machine algorithms.

2. Proposition For Business

Our products are targeted at small and medium ventures. It will enable quick and easy integration of crypto transactions for both online and offline usage, easily manage accounts through its API, receive crypto and fiat payments on the company’s account, enables huge payouts and the use of escrow services and lots more.

3. An Avenue for Tools and Services

Forty Seven Bank creates an avenue for software developers while affiliating with banks. It gives users the opportunity to provide Forty Seven banking services using their personal brand, provides an API access that enables the design and implementation of modern monetary services, enables the creation of financial apps using Forty Seven Application Programming Interface among others.

Forty Seven Bank is the first registered financial institution serving the digital currency institution and poised to creating a suitable trading environment for crypto-financial institutions.

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 TOKENS

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.

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. 20% of the bank’s annual net profit will be invested into the loyalty program.

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)

TOKEN DISTRIBUTION