What is Forty Seven Banks? Forty Seven Bank will be a fully digital innovative branchless financial institution which complies with all EU directives, Basel III, Financial Conduct Authority (FCA), Prudential Regulation Authority (PRA) and Bank of England requirements.
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.
We will oer unique crypto products like bonds, futures and options. Our goal is to invent such market- place and take the leading position in both short and long-term perspectives. Companies will be able to attract finances via product invented by Forty Seven Bank – Cryptobonds. Cryptobonds will be traded on various exchange platforms (mainly at the one developed by Forty Seven Bank).

Products

Forty Seven Bank is aiming to provide broad traditional and digital financial products and services spectrum for individual clients.
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Products for Private Persons

Together with secured remote on-line identification, automated scoring, due diligence and AML of the client, customers could proceed with quick and secure banking. The bank is going to do that according to latest technologies using biometrics. The use of biometrics in the banking sector has proven its eectiveness and precision and that is why it is rapidly growing over the last years and is yet far from its peaks.

After the full identification of the potential client and further registration in the operational database is completed, the client can access the following services provided by Forty Seven Bank: IBAN, access to secure crypto wallets and tokens, credit and debit cards, personal and travel insurance, loans, access to Forty Seven App Platform with wide range of applications, invoicing, investment and brokerage services, etc.
  • Account Management
  • Deposits and Loans
  • Investments and Brokerage
  • Invoicing
  • Other Services

Products for Business

Synergy of smart contracts and blockchain will open new unbelievable opportunities. Our team is aiming to break through traditional banking 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.
Technological and operational facilities of our platform will be fully built to support customer needs where customers can pay full attention to their personal or business expertise and benefit from highly digital and cost efective solutions when it comes to payments and transaction management. Our clients will have opportunity to easily scale up their business using our infrastructure and business model.
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  • Forty Seven App Platform and API Management
  • Payment Processing and Invoicing
  • Financing and Factoring
  • White Label Processing
  • Biometric POS terminals
  • ICO Services

Products for Developers

All functions of our platform, from the usual activities related to account management, to opening an account, document upload, loan scoring and insurance will be created as single microservices. All these services together with the services of ailiate partners will be working via API and all will be available to our clients via secure channel.
Business will have an opportunity to completely unlock its potential by automatization of its financial and operational activities using API for connection to its server and smart contracts for execution of operations taking into account dierent conditions.
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  • Bank as a Service (BaaS)
  • Forty Seven App Platform
  • Loyalty Services
  • Developer Meet-ups
  • Scoring, KYC and Compliance Services
  • Data Analytics and Prediction Models
  • Consulting Services

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.
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  • Account Management
  • Access to App Platform
  • Access to Forty Seven Bank Exchange
  • Access to Exchanges
  • Analytics
  • Derivatives
  • Hedging
  • Smart Support
  • Cryptobonds
  • Cryptofutures

Roadmap


  • October 2016 – Elaboration of concept of a modern bank that will work with cryptocurrencies and fiat money
  • February 2017 – Formation of a team, research, market analysis
  • March 2017 – Detailed project plan elaboration
  • April 2017 – Bank’s financial model construction, preliminary calculations
  • May 2017 – Idea of administering project’s crowdfunding
  • June 2017 – Preparation of documentation for crowdfunding administering
  • October 2017 – Start of crowdfunding via Token Launch
  • December 2017 – Successful completion of Token Launch, summing up
  • January 2018 – Procedures elaboration and creation of document base for the company
  • February 2018 – Software infrastructure deployment
  • April 2018 – Applying for EMI, PI authorisation at FCA
  • May 2018 – Integration with SWIFT system
  • June 2018 – Certification according to QSA PCI DSS Level 1 standard
  • July 2018 – Obtaining EMI, PI licenses, and authorisation for activity from FCA
  • August 2018 – Launch of services for FSBT tokens holders
  • September 2018 – Launch of services for private clients
  • November 2018 – Submission of documents to obtain banking license
  • May 2019 – Obtaining banking license, launch of services for business clients
  • June 2019 – Start of providing full-scale banking services

Team and Advisors

Executive Team

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Advisors

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Conclusion

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 whole modern financial system.
Forty Seven was founded by the information technologies, finance, economics, marketing and game industry professionals.
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. This will help you better in a profitable project and really make a profit. More information is available at https://www.fortyseven.io/

author:salsa24
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