Forty Seven Bank Modern System Connecting Financial Worlds

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Forty Seven Bank Modern System Connecting Financial Worlds | Forty Seven is a unique project built into the modern monetary system; a bank that will be acknowledged by international financial organizations; a bank that will correspond to all the requirements of regulators. A team of professionals from banking, finance, and IT with expertise and experience in the creation and licensing of payment systems, and building of electronic financial institutions will work to realize the goals of the project.

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Our bank will become the EU Payment Services Directive 2 (PSD2). We will comply with Know Your Customer (KYC) and Anti-Money Laundering (AML) policies in order to guard against agents of the “gray” market.
Forty Seven is based on three principles: relevance, convenience, and security. Our specialists use up-to-date technological developments such as blockchain, biometrics, smart contracts, machine learning and many others. If you are interested in the specification of our establishment and creation of a hi-tech bank.

The new platform, Forty Seven, provides banking services for private users and financial companies. This system provides its services on the basis of those norms and criteria that are universally recognized in the financial system with support of cryptocurrency.

Forty Seven is not just a cryptocurrency bank, it is a system with capabilities that will help to cover the entire world space in the network due to its efficiency and unsurpassability in the near future.

The concept of Forty Seven is to build a new large-scale consolidation between the cryptocurrency world and traditional monetary systems, that is, to combine all financial transactions with a floating and fixed exchange rate, under one common system. Thus, traditional banking products and services are offered, as well as services that are not currently offered by any other bank.

The connection of Seven Bank is able to unite two financial worlds and establish effective communication between them. It is a communicative association that will open up opportunities for the formation of a new modern financial system.

At the moment, there is no such a bank that works with cryptocurrencies at the same level as the fiat in the modern world, whereas banks of the future will have to adapt to changing trends. Forty Seven Bank will become a pioneer in this field, taking the leading position among the banks of the future.

This unique Forty Seven project has been recognized by international financial institutions as a new, modern and universal bank for all cryptocurrency users and traditional monetary system, while meeting all requirements and standards.

Now, thanks to its innovation – Multi-Asset Account – it becomes possible to use a cryptocurrency wallet and execute all operations, using one account. The new product of the platform offers the use of all the financial capabilities of the platform, such as sales and purchases, access to attachments or exchange through this account.

The development of the Forty Seven platform is built into the functionality of the customer.

This strategy helps to strengthen the connection of financial institutions in the blockchain system.
It should be noted that the services offered by the Forty Seven platform are beyond the scope of conventional innovations as a functional financial system. Now it will be easy to make cyrpto transactions easy and convenient for access via the fiat banking system.

Forty Seven Mission

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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 possibility to level up the whole modern financial system.

Forty Seven Vision
Forty seven believe that after PSD2 directive comes into force in the beginning of 2018, the future of EU financial sector will change significantly. Forty Seven Bank competitive advantage in terms of time and costs. This is a prior beneficial aspect of priority to the traditional banking which has to impose reorganization procedures in order to meet new standards.

The big portion of financial sectors will share customer service and technological support. We aregoing to take the leading position among these start-ups and become one of the pioneers in the changing financial world.

Forty Seven Is Innovative products for everyone

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– The featured product is a Multi-Asset Account for private customers with a tied card.
– Remote identification and authorization 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 with PSD2 directive
– Convenient and user-friendly UI
– Analysis that helps a client to make the right financial decisions via the 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 the 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

Products for Private Persons

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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 the complexity of using 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 some 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 companies 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 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 know that there is a great potential in developing and introducing classic banking products for non-fiat digital currencies.

Investments and Brokerage: Individual clients will have the opportunity 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 with Forty Seven Bank platform via API.
Other Services: The bank will also oder traditional products and services such as 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 technology learning technologies to our customers – it will help to resolve the issues between the bank and its customers in evective way.

Tools and services for external developers

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– 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

Forty Seven team is going to develop a PSD2 compliant system with integrated blockchain, smart contract, API, biometric and machine learning technologies.Forty Seven will oer unique crypto products like bonds, futures and options. Forty Seven 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).

Mission of Forty Seven Bank
The mission of Forty Seven Bank and management team is to provide safe, innovative and user-friendly financial services and products to Forty Seven 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 the whole modern financial system.

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 significant 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 Forty Seven 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. Forty Seven 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.

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.

The mission of Forty Seven Bank and management team is to provide safe
innovative and user friendly financial services and products to Forty Seven customers individuals, businesses, developers, traders, financial and governmental institutions. Forty Seven range of products will unite cryptoworld and traditional finance world and grant new unique opportunities to both of them.

Forty Seven believe that after PSD2 directive comes into force in the beginning of 2018, the future of EU financial sector will change significantly. Forty Seven Bank system will be developed in accordance to upcoming regulatory framework from the early stages it will give Forty Seven Bank competitive advantage in terms of time and costs. This is a significantly beneficial aspect prior to the traditional banking which has to impose reorganisational procedures in order to meet new standards.

The big portion of financial sector market share will be hifted to financial technology start-ups that will be able to oer and provide unique products and services together with high-quality customer and technological support. Forty Seven are going to take the leading position among these start-ups and become one of the pioneers in the changing financial world.

Forty Seven 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

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Together with secured remote on-line identification, automated scoring, due diligence and AML of the client, customers could proceed with quick and secure banking. The bank is going to do that according to latest technologies using biometrics. The use of biometrics in the banking sector has proven its eectiveness and precision and that is why it is rapidly growing over the last years and is yet far from its peaks.

After the full identification of the potential client and further registration in the operational database is completed, the client can access the following services provided by Forty Seven Bank:

IBAN, access to secure crypto wallets and tokens, credit and debit cards, personal and travel insurance, loans, access to Forty Seven App Platform with wide range of applications, invoicing, investment and brokerage services, etc.

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 currencies using flexible analytical functions of Forty Seven smart software. For technically advanced clients, there will be the possibility to manage a bank account via API.

Features and technologies
Based on the possibilities of banking and cryptocurrency industries, we will use the innovative technologies in the field 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 data payment.

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 Forty Seven private customers at Forty Seven 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. Forty Seven App Platform will also allow clients to useseveral analytical applications that might help in personal finance management.

Products for Business
Synergy of smart contracts and blockchain will open new unbelievable opportunities. Forty Seven team is aiming to break through traditional banking and step into the new banking perspective using the current innovative exclusive services for future advantage. Forty Seven are creating not just technological bank, Forty Seven are creating the bank of the future.

Technological and operational facilities of Forty Seven 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. Forty Seven clients will have opportunity to easily scale up their business using Forty Seven infrastructure and business model.

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
Forty Seven App Platform and API Management
For Forty Seven business customers, Forty Seven will oer wide range of financial products and services. All the services will be available via API for management via smart contracts or customer applications. Forty Seven will allow to create completely autonomous business thanks to full API access to Forty Seven products and all their functions.

Payment Processing and Invoicing
Forty Seven Bank will provide wide range of payment processing solutions to Forty Seven business clients. E-commerce clients will have the possibility to easily accept payments on their web-pages, platforms, applications, games, etc. with easy to use and informative merchant cabinet/panel. They will have opportunity to accept payments in traditional fiat currencies via credit or debit cards (Visa, China UnionPay, MasterCard, Diners) and direct bank transfers. Apart from that, entrepreneurs will be able to accept payments in digital currencies with support of the bank which will provide clearing procedures. At the same time, the bank will provide convenient and eective invoicing services. Having all these services provided by Forty Seven Bank, companies will have the opportunity to substantially decrease costs, increase eective-ness of working procedures related to financial management and get access to wide audience of potential customers.

Financing and Factoring
Forty Seven would like Forty Seven business clients to put the main emphasis on running core procedures at their entities that is why Forty Seven Bank will oer factoring solutions that will allow to receive immediate cash for accounts receivables. The bank will finance, manage and guarantee invoices issued by the company via smart contracts. Companies will have wide range of short-term financing options to cover operational activities, as well as possibilities of long-term financing for their development, expansion and growth. Besides that, by integrating machine learning, the bank will help business clients with credit risk profiles of their customers.

Bank as a Service (BaaS)
Forty Seven service called Bank as a Service will allow entrepreneurs to get access to all infrastructure elements of Forty Seven Bank via API. Fintech start-ups or those who would like to try them selves in banking business will be able to create their own White Label bank or financial services institution. They will be free to concentrate on marketing activities, whereas Forty Seven already developed infrastructure covered with banking license, technology, compliance, risk management and customer service will do the rest.

Forty Seven App Platform
Opened API will give opportunity to Forty Seven clients to develop applications (like applications for smartphones) which will work using potential of Forty Seven App Platform. Developers will be able to create their own banking application, a bot for account management or complex analytical application. Relying on possibilities of on-line identification they will have opportunities to scale unlimitedly and earn significantly higher levels of income. Forty Seven will manage marketing activities related to Forty Seven platform and by introducing an application developer will have the chance to attract his own client base, as well as to use Forty Seven already existing base of clients and partners.

Products for Traders
Figure 4 below displays Forty Seven Bank products for traders. Wide range of products and services is going to be oered to traders. There will be traditional products, as well as innovative crypto products developed and introduced by Forty Seven Bank.

Forty Seven Token

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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).

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