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
ROADMAP
TEAM
Details Information :
Website :https://www.fortyseven.io/
Twitter :https://twitter.com/47foundation
Telegram :https://t.me/thefortyseven
Profile : abdullahtakesi
My ETH : 0xC0134c6deB80a4550408dBF7E56c864d4BF6E65e
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