Forty Seven Bank is a new and unique concept in the world of financial services — a modern universal bank designed for users of both cryptocurrency and traditional fiat currency, built to seamlessly integrate the old and new, paper and digital, fiat and crypto.
Imagined by a team of professionals drawn from the worlds of banking, finance, and IT, Forty Seven Bank will be delivered by specialists with expertise, experience and a proven track record in the licensing of payment systems and development of electronic financial institutions. Forty Seven Bank will provide innovative, secure, and user-friendly financial services and products for every type of client base — individuals, businesses, developers, traders, financial institutions, and governments. The Forty Seven project is founded on three key principles — Relevance, Convenience, and Security.
RELEVANCE
Forty Seven Bank incorporates and deploys the most up-to-date innovative technologies available, such as blockchain, biometrics, smart contracts, and machine learning. This allows Forty Seven Bank to bring all the services of traditional banking to users of cryptocurrency and bringing to users of traditional fiat currency all the benefits of disruptive new technologies.
CONVENIENCE
Forty Seven Bank introduces the concept of a ‘multi-asset account’ which gives customers access to and control of both crypto and fiat assets in one place, through one simple, easy to use interface. While the use of biometric identification and blockchain allows users ease of access and the capability to manage multi-asset accounts from anywhere in the world via smartphone, or ATM and without the need for a card.
SECURITY
Forty Seven Bank will be recognised by international financial organisations, and conform to all regulatory protocols and requirements, including the European Union’s Payment Services Directive 2 (PSD2). The bank will also be compliant with Know Your Customer (KYC) and Anti-Money Laundering (AML) policies, guarding against exposure to actors and representatives of the “grey” market. High-end encryption and biometric ID verification will be employed to protect and secure the integrity of customers personal and payment data.
Cryptocurrency and the technology driving it is changing the infrastructure, institutions, and processes of banking and will continue to do so over the coming decades. Forty Seven Bank is a bank tailor-made for this future, positioned to connect the crypto and fiat markets, unite them under one roof, and offer customers the best of both worlds with a bank designed for the digital age.
Vission of Forty Seven Bank
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.
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.
Easy cryptocurrency trades and exchanges
A great feature of the platform is that cryptocurrency transactions can happen within a bank’s application.
By using mobile applications, Forty Seven Bank’s clients will be able to buy and sell any type of digital currency at a bank’s internal exchange with low fees and an extremely short waiting time.
This also includes conversion from cryptocurrencies to fiat or vice versa–like an exchange.
Access to multi-asset accounts
Forty Seven Bank also provides users a multi-asset account which gives customers access to and control of both cryptocurrency and fiat assets in one place, through an easy to use and intuitive interface.
The application of biometric identification combined with the blockchain allows users the ease of access and the capability to their manage multi-asset accounts. This can happen from anywhere in the world with only a smartphone or ATM and without the need for a physical card.
Use cryptocurrencies like real money
Forty Seven Bank’s merchant payment services enable clients to start accepting money on cryptocurrency accounts, cards, or via SWIFT transactions.
With the API, businesses will also be able to transfer crypto assets to their company’s account easily.
This feature is further extended with the ability to accept cryptocurrency payments from buyers in online-stores, on websites, or even mobile applications which are all set up without any hassles.
Funds transferred in cryptocurrencies will automatically be exchanged at a selected bank’s internal exchange rate and accredited to the business’ account in fiat.
Legally compliant
As mentioned earlier, the bank is fully compliant with Know Your Customer (KYC) and Anti-Money Laundering (AML) policies which guards the ecosystem against shady operators as well as frauds or scams.
Forty Seven Bank will also include high-end encryption and biometric ID verification to protect and secure the integrity of personal and sensitive data of users on the platform.
Products
1. 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
2. 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
3. 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
Emission of 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.
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: 11 063 829 FSBT (incl. bonus tokens, tokens for bounty and founders).
Minimum budget to start the project: 3 600 ETH (1M EUR).
Hardcap: 36 000 ETH (10M EUR).
Accepted cryptocurrencies on ICO: ETH, BTC.
ICO round 1: November 16 — December 16, 2017.
ICO round 2: December 17 — February 28, 2018.
ICO round 3: March 1 — March 31, 2018.
TEAM
Advisors
Details Information :
Website :https://www.fortyseven.io/
Twitter :https://twitter.com/47foundation
Telegram :https://t.me/thefortyseven
Author : Jerimy gonzales
Bitcointalk Profile Link : https://bitcointalk.org/index.php?action=profile;u=1840819
ETH : 0x118A3810009C8B9a3F09A94b1663
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