Info Technology Crypto: Forty Seven Bank is innovative financial technology

About Forty Seven Bank

Forty Seven was founded by the information technologies, finance, economics, marketing and game industry professionals in 2017.

Forty Seven Bank is innovative financial technology start-upaiming to provide high quality, secure and user-friendly bankingservices 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.

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.

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 our customers — individuals, businesses, developers, traders, financial and governmental institutions.

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.

Values of Forty Seven Bank

Our range of products will unitecryptoworld and traditional finance world and grant new unique opportunities to both of them.

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.

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 transaction

Financing and Factoring

We would like our business clients to put the main emphasis on running core procedures at their entities that is why Forty Seven Bank willoer factoring solutions that will allow to receive immediate cash for accounts receivables. The bank will finance, manage and guarantee invoic-es 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 fortheir development, expansion and growth.Besides that, by integrating machine learning,the bank will help business clients with credit risk profiles of their customers.

Biometric POS terminals

We will develop POS terminal software, which will give users of our bank a possibility to connect a credit card or a bank account to his/her fingerprint, and pay in the store by apply-ing a thumb to the fingerprint scanner attached to POS terminal. This technology will increase efftiveness of payment process in the store,and will provide benefits not only for customers,but also for business clients, by lowering the amount of queues and increase the amount of sales.

White Label Processing

We will provide infrastructure services for finan-cial institutions. Thanks to principal membership in Visa and MasterCard, we will oer full spectrum of on-line acquiring services and we will give opportunity to our partnering banks and payment processing companies to provide to their clients
all types of payment solutions such as SMS, DMS,OCT, P2P, recurrent, moto, reversal, refund and others. Additionally, we will oer processing of Point-of-Sale (POS) terminals. Apart from that, we will oer card issuing and bin sponsorship servic-es to our partnering financial institutions.

ICO Services

Forty Seven Bank is going to provide services for companies that would like to attract financing via ICO. The services will include legal support,escrow arrangements, support in transferring digital currencies into fiat equivalent. We will also develop rating procedures for ICO projects and
will provide thorough analysis of interesting projects.

Bank as a Service

Forty Seven Bank will provide White Label solution for those partners who want to create and market the bank under their own brand, but at the same time using our bank’s infrastructure for all operations.You can build your own web-site or mobile application and integrate it with Forty Seven Bank infrastruc-ture via White Label API. The Bank as Service API will provide following functionality:

-Request personal information, bank accounts and financial transactions;
-Transfer of funds within Forty Seven Bank and to another bank via SEPA;
-Loan management;
-Deposit management.

API for Trading Platforms

This API is designed for full featured trading platforms that will provide the traders with rich user interface that will visualize the trading situation on the market with charts, monitor balance of trader account in real time,open/close trading deals, etc. This API provides the access to bank exchange platform and will provide following methods:

-Request list of customer assets — crypto and fiat currencies and tokens;
-Request balances for customer assets;
-Request traded pairs of assets;
-Request ticker (bid/ask price) for traded pair of asset (can be streamed real time via websocket API);
-Request last trades for traded pair of asset (can be streamed real time via
-websocket API);
-Request order book (changes can be streamed real time via websocket API);
-Place / close / cancel trading order;
-Open / close marginal position.

FORTYSEVEN UNITED is incorporated in London, United Kingdom.

The government of the United Kingdom and regulatory authorities have advanced favourable conditions towards cryptocurrencies and other digital asset initiatives.

London itself is a major financial centre which gives access to significant share of the foreign exchange market out of the world’s total foreign exchange dealings. Having this in mind could draw an assertion that London could provide solid base for cryptocurrency services’ claims and advancement.

Forty Seven team already has had successful experience of developing financial technology products and their full legal registration procedure completion in the UK regulatory framework — FCA.

About Forty Seven Bank

Forty Seven was founded by the information technologies, finance, economics, marketing and game industry professionals in 2017.

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.

Products for Business

Synergy of smart contracts and blockchain will open new unbeliev-able opportunities. Our team is aiming to break through traditionalbanking 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.

Why ICO?

In our opinion currently ICO is the best and fastest way to attract financing for interesting projects, especially for those that are community driven with the aim to devel-op important infrastructure elements related to cryptocurrencies. We believe that ICO can boost innovation, as attracting funds via ICO procedure companies do not have to go through traditional bureaucratic procedures. Moreover, as ICO is conducted via smart contracts and block-chain, everything is transparent and project authors get full responsibility for successful realization of the idea.

ICO also gives opportunity for people from dierent countries to contribute their digital assets into projects and teams situated in other countries. In traditional economies there are many restrictions and limitations for individuals to participate in such activities and there are no possibilities for people to contribute relatively low amount of funds into projects with promising non-financial benefits.

Forty Seven Bank provides only non-financial benefits to our contributors and future holders of FSBT tokens. However, over time we believe that thanks to these benefits the value of tokens might increase and early contributors will have possibility to sell them, if they are willing to do so.

ICO Services

Forty Seven Bank is going to provide services for companies that would like to attract financing via ICO. The services will include legal support,escrow arrangements, support in transferring digital currencies into fiat equivalent. We will also develop rating procedures for ICO projects and will provider thorough analysis of interesting projects.

Products for Developers

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.

Royalty Contract

Copyrighted content owners can benefit from royalty smart contract. Forty Seven Bank will develop this contract and oer royalty collection service. This smart contract will:

-Track ownership rights;
-Register the usages of copyrighted content;
-Calculate royalty;
-Transfer the funds from accounts of content users to account of content owners.

Architecture

The architecture of Forty Seven Bank infrastructure will be built using modern best practices and technologies. All our data will be replicated to several geographically distributed data centers across the globe.The data will be backed up on regular basis. All our execution servers will be duplicated for reliabil-ity.

Distributed computing will be used to provide high level of availability of our banking services. We will use load balancer to distribute network traic to our front ends — APIs and web user interfaces.All our systems will be designed to be able to grow up to scale of billions of users.

API for Payment Initiation Service Providers

This API is designed for use by merchants and other businesses that want to process payments for their customers online, for instance, to purchase goods in online shops. This is separated part of API that provides methods to initiate payments within Forty Seven Bank for specific customer:

Internal transfer of funds from one account to another within Forty Seven Bank;

-Send funds to another bank via SEPA;
-Mass payments that will allow to send to many recipients at once;
-Recurring payments (subscriptions) to collect payments periodically.

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.

FSBT Token

Bonus structure:

-ICO Round 1: 30% bonus;
-ICO Round 2: 20% bonus;
-https://www.fortyseven.io/ICO Round 3: 0% bonus but bonus for quantity;

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