European Commission followed by PSD2 has come up with an idea to shift from centralized market to decentralized one. This idea indirectly obliges financial institutions to use Application Programming Interfaces (API) to aid costumers’ access their various services and products. In this way, there will be more users involved in the digital economy market. In addition to European Commission and PSD2, IMF also encourages the financial institution to largely use financial technology cryptocurrency. There is already some big financial institution such as DCB and People’s Back of Chine that already implemented technological support for accessing digital assets.
Considering the instruction, Forty Seven team had initiated to research the market potential for a new scheme of financial services. As a result, they came with the idea to build highly secure transaction involving digital finance and monetary economies. In realizing the project, Forty Seven Bank will follow the regulation and requirements set by EU directives. FCA, PRA, and Bank of England.
Product and Services for Individuals
Forty Seven Bank has prepared some features that aid its clients to access their digital access in a convenient way. Using only one single app, users can create some accounts from different banks. This allows them to easily manage their finance. Furthermore, their accounts are also connected to their crypto wallet. This product is called Multi-Asset Account. Using this product, you won’t undergo difficulty caused by complexities in using various types of assets. All of the financial activities are centralized into one system. As a result, transferring crypto to fiat and vice versa can be done quickly. This also benefits clients in a way that transactions fees can be reduced.
The second feature available in the app is invoicing. You don’t have to own a big company to sell or buy products or services. Forty Seven Banks help individuals with small assets such as freelancers, translators, copywriters, and sort of to be able to use small amount of assets. There is a simple invoicing service that can be used easily to issue invoices automatically and receive funds to cover the invoices. The funds are available in both fiat and non-fiat.
The third is Deposits and Loans. Forty Seven Banks offer loans and deposits in both cryptocurrencies and fiat currencies. Many people all over the world are still not really familiar with digital assets. Therefore offering products in fiat money is a big potential in developing it into the crypto world. The bank also allows its individual clients to be able to cope with their own investment in the form of making a portfolio. Thanks to the services of investments and brokerage provided by Forty Seven Banks. There are still other services that benefit clients as individuals such as payment and transfer, smart ATMs, insurance, and other interesting traditional products.
Products and Services for Business Costumers
Forty Seven Banks offer numerous financial services and product not only to individuals but also for business customers. One of the most valuable products is Payment Processing and Invoicing. This service enables business customers to receive payments directly on their websites, apps, platforms, and the like, easily no matter what currencies they are. In addition to that, e-commerce business clients can receive payments in the form of cryptocurrencies supported by the bank with clearing regulations. Meanwhile, the bank will give efficient invoicing services. As a result, companies are able to reduce cost so they can attract wider potential customers.
Another service that entrepreneur can enjoy is Financing and Factoring. Factoring solutions open priceless opportunity for business clients to select their favourable short-term financing options. The bank will help them with the management processes. There are smart contracts to issue the invoice. The next great service is White Label Processing. Whit this service, business clients can access various payment solution types such as SMS, P2P, recurrent, and many more.
There will also be Biometric POS terminal software that enables clients to link a credit card to their own fingerprint. This advanced technology has actually been widely used in some stores. Using this product, payment process will be more effective, benefiting both business clients and their customers. In addition, Forty Seven Bank will provide ICO services for clients who need to raise funds through ICO sale. The services offered by the bank consist of escrow procedures, legal support, and multiple currencies transfer support. Forty Seven Bank is planning to develop a rating system and deep analysis for interesting ICO projects.
Technology Used in the System
The aforementioned products and services won’t be able to be delivered to customers if the application does not employ the use of particulars technologies. The most influential technology used in the system is of course blockchain technology. This technology has been largely used by other platforms and companies. It obviously plays a major role in developing and providing financial products and services to all clients. Anyone involved in the business benefit from this ground-breaking technology.
Because of blockchain support, the bank can create a web wallet for all customers. The wallet can be used with both fiat and non-fiat assets. This will ease customers to manage their assets in the wallet including checking latest balance, receiving digital currencies and accessing payment transactions. Even those who are not familiar with cryptocurrency can get used to with it quickly.
Another technology that is applied here is cryptocurrency gateway. What is that? It is an entry where fiat can be converted into crypto, and vice versa, as easy as blinking an eye. Lastly. Forty Seven Bank adapts secure cryptocurrency payment system.
For merchants who sell their goods over the internet, we will provide secure cryptocurrency payment system. Whether you are merchants or buyers, all of the transactions made are highly protected.
Smart Contracts
Forty Seven Bank will use reliable instruments for cryptocurrencies such as Cryptofutures and Cryptobonds. These two instruments are intended mainly for traders. Smart contracts containing strict contract terms are used to test and develop the instruments. The smart contracts are available to the public via GitHub. Smart contracts are basically managed by blockchain in the form of computer programs. The contracts are linked with Forty Seven Bank clients and partners. After both parties deal with the contract execution, then it will be sent to the blockchain forever. It won’t change and no one can delete any of the information that has been stored in the blockchain.
The smart contracts contain legal powered rules that involve counterparties. The rules allow bank to transfer digital and non-digital assets from one account to another. The bank will only perform the transfer only when particular conditions meet the rules in the contract. There are actually many types of smart contracts used in system such as loyalty card contract, rental payment contract, royalty contract, contract arbitration, and escrow contract. The system will decide automatically what type of contract to be used depending on the purpose of the transaction or what the payment is for.
Initial Coin Offerings and FSBT Token
Before going further into FSBT token sales schedules, it is better to know a bit about FSBT token itself. FSBT is the token created by Forty Seven Banks based on ERC-20 standard. This standard is used considering that in the future ETH-based token will be employed in all crypto token ecosystems and the change of its value is predictable. FSBT token holders, therefore, can fully control their funds ETH blockchain without the aid of any other particular software which means the process is fast and simple.
The ICO sales fall into three phases called ICO round 1, ICO round 2, and ICO round 3. The price of FSBT remains the same that is one FSBT costs 0.0047 ETH. The differences among the three phases of ICO sales are on the structured bonus and duration. The hard cap is set for 36000 ETH while the target for soft cap is 3600 ETH. ICO round 1 and 2 have ended. You still have a chance for the third ICO round that has already begun since March 1st, 2018. The end date will be at the end of the month, March 31st, 2018. In order to know how many participants that have participated so far, you can check its official website. Via the website, you can also get some updates related to the initial coin offering that is still ongoing and other information as well. Token buyers can use either Ethereum or Bitcoin to buy FSBT tokens. Unfortunately, Forty Seven does not accept fiat currency exchange for this sale.
In order to make the creative project comes true, Forty Seven Bank is raising funds via ICO procedures. Smart contracts are applied in the procedure. There are at least three elements in the smart contracts such as the main smart contract, the token contract, and multi-signature contract of buffer escrow wallet. The main smart contracts contain information related to ICO dates, bonus structure, the number of tokens issued, and particular mechanism of sale finalization. Meanwhile, token contract merely describes the FSBT token in general. Lastly, the escrow wallet regulates the assets transfer.
Website: https://www.fortyseven.io
Whitepaper: https://drive.google.com/file/d/0BzvESRkgX-uDeHc1QjRzbHRBelU/view
Facebook: https://www.facebook.com/FortySevenBank/
Telegram: https://t.me/thefortyseven
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