Forty Seven Bank — Banking For a Digital Age, Bringing Fiat and Cryptocurrency Under One Roof
Who are we?
Forty
Seven is a unique project built to create a modern universal bank both
for users of cryptocurrencies and adherents of the traditional monetary
system; a bank that will be acknowledged by international financial
organisations; a bank that will correspond to all the requirements of
regulators.
A
team of professionals from the worlds of 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
realise the goals of the project.
Our
bank will become the biggest structure that corresponds to all the
requirements of regulators and 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 “grey”
market.
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.
Products and Services
Forty
Seven Bank is aiming to provide broad traditional and digital financial
products and services spectrum for individual clients.
In
the past, Customer Relationship Management (CRM) has changed approach
to the business and customer service.We believe that smart contracts
which are connected to legal and financial banking services will lead to
a new technological revolution.
 |
| Figure 1 below presents the range of products and services that will be offered by Forty Seven Bank to private persons. |
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
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
Features of the Forty Seven Bank platform
A
side from the three core principles, the platform also incorporates and
deploys the most up-to-date innovative technologies available right now
such as blockchain, biometrics, smart contracts, and even machine
learning!
All
of this comes together to allow Forty Seven Bank to provide services of
traditional banking to users of cryptocurrency as well as showing the
benefits of digital assets to users who may not know much about it.
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.
The Forty Seven Bank token sale
Here are the details of the upcoming Forty Seven Bank token sale:
Token name: FSBT
Token base: Ethereum (ERC-20 compliant)
Token supply: 55,319,149
Token sale duration: 16th November, 2017–16th December, 2017
Token sale target: 180,000 ETH (hard cap)
Token exchange rate: 1 FSBT = 0.0047 ETH
Token Distribution
TEAM
Advisors
Details Information :
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