Forty Seven Bank is a unique project built to create a modern universal bank for both users of cryptocurrencies and adherents of the traditional monetary system; banks to be recognized by international financial organizations; a bank that will comply with all regulatory requirements. Forty Seven Bank is a new platform that provides banking services for individuals and companies. The system will do its work on a generally recognized regulatory framework and support cryptocurrency.
Mission
Forty Seven Bank's mission and management team are to provide secure, innovative and user-friendly financial services and products to our customers - individuals, businesses, developers, merchants, financial institutions, and government.
Forty Seven Bank is a bridge capable of connecting the two financial worlds and building effective communication among them, a communication that will open the possibility of improving the modern financial system. Transparency!
Our Vision
Financial stability; Effectiveness and friendly process for users; Security and privacy (data protection); Innovation; Customer satisfaction; Increase market share and worldwide expansion.
Features and Technology
Based on the possibilities of the banking industry and cryptocurrency, we will take the best of both fields using innovative and proven technologies in finance, analytics, and data security.
Forty-Seven Banks will provide an open, flexible and well-documented API that covers most of the banking services. We will launch our own financial app platform that uses our API. By attracting clients and external developers, we plan to turn it into an efficient ecosystem with growing value.
The adoption of smart contracts to automate the financial process, enabling us to make deals and provide credits without risk of fraud. Implementation of machine learning technology will enable the creation of a personal manager to forecast all client desires. A virtual speaker will help in reallocating cash flow and will provide timely financial information.
Biometric technology and blockchain will allow users to open accounts remotely and access them via smartphones and ATMs without using cards. In combination with cryptographic encryption, this development will provide increased security of personal data and payments.
Business Proposition
This product will enable the rapid integration of crypto payments for online and offline usage.
Managing accounts through the Application Programming Interface (API), creating financial applications
Receive payments from merchants in both cryptocurrency and banknotes on company account (card, SWIFT) using the form or
Mass payment API for the market
Loyalty management for clients using big data
Factoring services are based on the operation of machine learning and large data (artificial intelligence algorithms will be able to predict the possibility of credit repayment as well as the timeliness of financial assistance to the company)
Escrow Service
A mobile app with biometric identification for multi-currency transactions.
Relevance
Forty Seven Bank combines and deploys the latest innovative technologies, such as blockchain, biometrics, smart contracts, and machine learning. This enables the Forty Seven Banks to bring all traditional banking services to users of cryptocurrency and bring to traditional currency users all the benefits of this annoying new technology.
Security
The Forty-Seven Bank will be recognized by international financial organizations, and comply with all protocols and regulatory requirements, including the EU Payment 2 Regulations (PSD2). The Bank will also comply with Know Your Customer (KYC) and Anti-Money Laundering (AML) policies, guard against actor exposure and representatives of the "gray" market. High-end encryption and biometric ID verification will be used to protect and secure the integrity of personal data and customer payments.
Cryptocurrency and driving technology change the infrastructure, institutions, and banking processes and will continue to do so over the next few decades. Forty Seven Bank is a tailor-made bank for this future, positioned to connect crypto and goods markets, unite them under one roof, and offer customers the best of both worlds with banks designed for the digital age.
Comfort
Forty-Seven Bank introduces the concept of a 'multi-asset account' that gives customers access to and controls crypto and fiat assets in one place, through a simple and easy-to-use interface. While the use of biometric and blockchain identification allows users to easily access and the ability to manage multi-asset accounts from anywhere in the world via smartphones, or ATMs and without the need for cards.
Token emissions
What is a Forty-Seven Token: This is a token representing the Forty Seven Bank infrastructure and gives users priority in bank loyalty programs. The FSBT token holder is entitled to receive an annual bonus in the form of FSBL - Forty Seven Bank fidelity token. In addition, FSBT tokens are an important economic part of the Forty Seven Bank ecosystem - they will be needed to access various products and services. After the crowdfunding campaign is complete, the FSBT token will be available for trading on various cryptocurrency exchanges.
What is a token used for: 20% of the bank's annual net income will be invested into a loyalty program. By using a smart contract, each FSBT token holder will be able to receive their FSBL token based on the amount owned and thereafter, redeem the FSBT token for various goods offered by the loyalty program (electronics, household goods, airline tickets, banking services, etc.). All FSBT token holders will receive the right to participate in the Forty Seven Bank community crypto development program each year 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 supply: 11 063 829 FSBT (incl. bonus tokens, tokens for bounty and founders).
Minimum budget to start the project: 3 600 ETH (1M EUR).
Hard-cap: 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 — April 30, 2018.
Details Information :
Website:https://www.fortyseven.io/
Whitepapper: https://drive.google.com/file/d/0BzvESRkgX-uDeHc1QjRzbHRBelU/view
Facebook: https://web.facebook.com/FortySevenBank/?_rdc=1&_rdr
Twitter: https://twitter.com/47foundation
Telegram: https://t.me/thefortyseven
Profile Bitcointalk: https://bitcointalk.org/index.php?action=profile;u=1273699
Author: Ayorinde Ajayi