Tuesday, November 21, 2017

FORTY SEVEN BANK - Connecting Financial Worlds

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-up
aiming to provide high quality, secure and user-friendly banking services 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 ryptocurrency 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.

Forty Seven team is going to develop a PSD2 compliant system
with integrated blockchain, smart contract, API, biometric
and machine learning technologies.Forty Seven will oer unique crypto products like bonds, futures and options. Forty Seven 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).

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 Forty Seven customers – individuals, businesses, developers, traders, financial and governmental institutions. 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.

Uniqueness of Forty Seven Bank will be a full technological and legal equipment for cryptocurrency processing and treatment.
In the absence of direct competitors, the bank believes that there could accumulate significant demand for products and services of the bank at the first glance which will create the constructive base for healthy growth in long-term.

During the last half year, total market capitalization of all cryptocurrencies has risen by seven times. In Forty Seven opinion, currently, the market is in its early stage and there is great potential in new projects aimed at invention and development of ecosystem and infrastructure projects for cryptoworld. Forty Seven believe that Forty Seven Bank will be the first in its kind and will take the leading position on the market in short period of time.

During the last year, ICO has become a widely used tool for cryptocurrency holders to
contribute resources into dierent projects. ICO has also become another good option for
companies to generate finances.

The mission of Forty Seven Bank and management team is to provide safe
innovative and user friendly financial services and products to Forty Seven customers individuals, businesses, developers, traders, financial and governmental institutions. Forty Seven range of products will unite cryptoworld and traditional finance world and grant new unique opportunities to both of them.

Forty Seven believe that after PSD2 directive comes into force in the beginning of 2018, the future of EU financial sector will change significantly. Forty Seven Bank system will be developed in accordance to upcoming regulatory framework from the early stages it will give Forty Seven Bank competitive advantage in terms of time and costs. This is a significantly beneficial aspect prior to the traditional banking which has to impose reorganisational procedures in order to meet new standards.

The big portion of financial sector market share will be hifted to financial technology start-ups that will be
able to oer and provide unique products and services together with high-quality customer and technological
support. Forty Seven are going to take the leading position among these start-ups and become one of the pioneers in the changing financial world.

Forty Seven 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.

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.

By the virtue of the new banking regulations and decentralisation of the services which optimises communication between transaction parties, the PSD2 directive imposes significant operational changes
and creates single digital market in Europe where consumers can proceed their financial management
from the platform which aggregates previous individual services. Forty Seven Bank in this case, outstands
by the fact of the digital cryptocurrency transaction services and processing support. Forty Seven Bank clients will have an opportunity to analyse and manage all financial operations in fiat and non fiat currencies using flexible analytical functions of Forty Seven smart software. For technically advanced clients, there will be the possibility to manage a bank account via API.

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 Forty Seven private customers at Forty Seven 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. Forty Seven App Platform will also allow clients to use
several analytical applications that might help in personal finance management.

Products for Business
Synergy of smart contracts and blockchain will open new unbelievable opportunities. Forty Seven team is aiming to break through traditional banking and step into the new banking perspective using the current innovative exclusive services for future advantage. Forty Seven are creating not just technological bank, Forty Seven are creating the bank of the future.
Technological and operational facilities of Forty Seven 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 eective solutions when it comes to payments and transaction management. Forty Seven clients will have opportunity to easily scale up their business using Forty Seven infrastructure and business model.

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 transactions

Forty Seven App Platform and API Management
For Forty Seven business customers, Forty Seven will oer wide range of financial products and services. All the services will be available via API for management via smart contracts or customer applications. Forty Seven will allow to create completely autonomous business thanks to full API access to Forty Seven products and all their functions.

Payment Processing and Invoicing
Forty Seven Bank will provide wide range of payment processing solutions to Forty Seven business clients. E-commerce clients will have the possibility to easily accept payments on their web-pages, platforms, applications, games, etc. with easy to use and informative merchant cabinet/panel. They will have opportunity to accept payments in traditional fiat currencies via credit or debit cards (Visa, China UnionPay, MasterCard, Diners) and direct bank transfers. Apart from that, entrepreneurs will be able to accept payments in digital currencies with support of the bank which will provide clearing procedures. At the same time, the bank will provide convenient and eective invoicing services. Having all these services provided by Forty Seven Bank, companies will have the opportunity to substantially decrease costs, increase eective-
ness of working procedures related to financial management and get access to wide audience of potential customers.

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

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

Products for Developers
All functions of Forty Seven 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 Forty Seven 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 opera-
tions taking into account dierent conditions.

Tools and services for external developers

  • Opportunity to provide Forty Seven banking services under your own brand (white label)
  • API access that allows the development and implementation of modern financial services based on Forty Seven infrastructure and processes
  • Holding DevDays conferences for independent developers
  • A showcase of financial applications using Forty Seven API

Bank as a Service (BaaS)
Forty Seven service called Bank as a Service will allow entrepreneurs to get access to all infrastructure elements of Forty Seven Bank via API. Fintech start-ups or those who would like to try them selves in banking business will be able to create their own White Label bank or financial services institution. They will be free to concentrate on marketing activities, whereas Forty Seven already developed infrastructure covered with banking license, technology, compliance, risk management and customer service will do the rest.

Forty Seven App Platform
Opened API will give opportunity to Forty Seven clients to develop applications (like applications for smartphones) which will work using potential of Forty Seven App Platform. Developers will be able to create their own banking application, a bot for account management or complex analytical application. Relying on possibilities of on-line identification they will have opportunities to scale unlimitedly and earn significantly higher levels of income. Forty Seven will manage marketing activities related to Forty Seven platform and by introducing an application developer will have the chance to attract his own client base, as well as to use Forty Seven already existing base of clients and partners.

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.

Account Management
Forty Seven Trading Account Management system will allow Forty Seven customers to manage their trading account and access features such as trading reporting, configuration, funding and account tracking showing them information such as margin, positions orders and execution to analyse trades and evaluate their performance and optimize strategies. For institutional clients there will be features to allow service providers such as brokers, advisors and hedge fund managers to link and manage multiple accounts configuring dierent tools for them to provide cost-eicient services to their own clients.

Access to App Platform
Forty Seven Bank will provide customers with access to Forty Seven state of the art trading platform to oer them a cost eicient opportunity to trade equities, options, futures and forex. The mobile platform will feature a variety of userfriendly functions to monitor the markets in real time and to keep track of trading orders and positions from a customizable intuitive dashboard with links to interactive market calendars and news. Forty Seven applications will be linked to Forty Seven clients’ banking account to allow margin transfers free of charge.

Access to Forty Seven Bank Exchange
Forty Seven will provide foreign exchange services to Forty Seven customers including bank-to-bank transfers and foreign
exchange dealing for international corporations. As Forty Seven will be operating large volumes Forty Seven will be able to
transfer the wholesale rates Forty Seven operate under directly to Forty Seven customers. Forty Seven clients will be able to
access these services upon account opening.

Blockchain technologies are going to transform whole financial and banking industry. Forty Seven Bank
is proud to be part of these transformations and wants to play key role by developing and delivering
cutting edge financial products and solutions to Forty Seven clients. Blockchain should serve not only to the
cryptocurrency enthusiasts, all people and businesses should benefit from this innovative technology.

Cryptocurrency wallets
The bank will provide multi-currency wallet to Forty Seven clients. The customers of Forty Seven Bank can
hold cryptocurrencies in this wallet, monitor current balance, easily send and receive digital currencies, request history of payment transactions. The customers will be able to operate with cryptocurrencies like they currently do with fiat currencies. It will be easy and secure.

In order to protect the funds of clients that are allocated in cryptocurrencies, the keys will be stored in secure private database which is backed up, encrypted and replicated to several data centers across the globe. So, the customers will be sure that they cannot lose private keys and access to their cryptocurrency account. Clients can always restore their credentials for bank account remote access by proving his or her identity to the bank.

Cryptocurrency payment system
For merchants who sell their goods over internet, Forty Seven will provide secure cryptocurrency payment system.
The buyers will be able to pay for products in crypto and fiat currencies via Forty Seven payment system. The
system will be easy to use for buyers and easy to integrate for merchants. Payment API and payment
button for integration into merchant shop will be developed and provided for Forty Seven customers. When buyer
purchase the product, he or she can choose how they want to pay – either using fiat or crypto currency.
When purchase is accepted, the funds from fiat or cryptocurrency account of buyer are securely trans-
ferred to fiat or cryptocurrency account of seller. If seller wishes, the funds can be automatically convert-
ed to desired fiat or crypto currency. Forty Seven Bank can perform chargebacks for cryptocurrency
transactions in case of duplicated billing, fraud or technical issue on merchant side. Forty Seven payment system
will be safe and secure for both buyers and merchants.

Smart Contracts
Forty Seven Bank will oer digital currency instruments such as Cryptobonds and Cryptofutures to Forty Seven trader clients. Strict execution of contract terms will be guaranteed by smart contracts that will be carefully developed and tested by Forty Seven bank. Forty Seven smart contracts will be written in Solidity contract oriented programming language and will be executed on Ethereum blockchain network. The source
code of these contracts will be transparent and published on GitHub for public inspection.

Auction Contract
The auction smart contract is like escrow contract, but additionally, it allows the participation of several
buyers or sellers. When some party is placing a bet on auction, the bank verifies whether the buyer has
suicient fiat funds in his or her account. If the participant for the auction has funds to place the bet,
these funds are blocked by the bank until another participant outbids the bet. If the buyer wins the
auction, their funds are transferred to the seller after product delivery approval from the buyer’s side. The
auction among sellers is also possible - in this case, the auction winner is the seller who has oered the
best price for the buyer.

Forty Seven Bank will provide comprehensive API to allow businesses and partners to integrate their applications and servic- es with Forty Seven bank infrastructure. This integration will allow to exchange information and to connect business processes of these organisations with business processes of Forty Seven Bank.
The synergy and tight integration of financial services and broad range of external systems will result in the creation of valuable solutions for oForty Seven customers.

The architecture of Forty Seven Bank infrastructure will be built using modern best practices and technologies. All Forty Seven data will be replicated to several geographically distributed data centers across the
globe. The data will be backed up on regular basis. All Forty Seven execution servers will be duplicated for reliabil-
ity. Distributed computing will be used to provide high level of availability of our banking services. Forty Seven will use load balancer to distribute network traic to Forty Seven front ends – APIs and web user interfaces. All Forty Seven systems will be designed to be able to grow up to scale of billions of users.

Forty Seven will use service-oriented architecture for Forty Seven banking system. Whole system will be built using loosely
coupled microservices. Microservices will use message bus for communications. This architecture is modular and it allows independent development and evolution for dierent parts of system. This architecture will allow us to split development eorts across several developer teams and adopt new technologies at very fast pace. The API that corresponds to these microservices will be modularized as well. It means that the whole API will be split into small domain-specific parts:

  • Account information API;
  • Payment API;
  • Trading API;
  • White Label API.

Forty Seven Bank App Store
Forty Seven Bank will provide full service marketplace for Forty Seven customers. These services will be provided
in form of applications which customer is able to install from Forty Seven application store. These application can
provide any kind of financial services – it could be assurance, investment or trading. Customer will be
able to browse Forty Seven catalogue of applications and install required application into his or her account. User
will be able to open and use any application straight via main user interface of Forty Seven bank. The applications
can be used via bank website and in the mobile bank application on Android and iOS operating systems.
When user runs the application, it authenticates the customer, receives authorization and then interacts
with bank infrastructure via API.

Machine Learning
With the recent explosion of data storage capabilities (Big Data) and computing power, Forty Seven see machine learning as the cornerstone of eiciency and accuracy of Forty Seven operations. In Forty Seven Bank bank Forty Sevenwill use it in various operational and analytics functions, with most prominent examples being:

  • Risk Management;
  • Marketing;
  • Customer Service;
  • Fraud detection;
  • Security;
  • Product development.

In risk management, application evaluation will be automated using probability of default (PD) scorecards. Every time a client applies for a new product or a new feature within existing product, such as a higher credit limit, he will receive a risk assessment based on Forty Seven statistical models – a credit score.
According to internal policy, customers whose application is scored above Forty Seven tolerable risk level will e declined


Details of Token Sales

  • Round 1
    • ICO Begins: November 16, 2017
    • ICO Expires: December 16, 2017

  • Round 2
    • ICO Begins: November 17, 2017
    • ICO Expires: February 28, 2018

  • Round 3
    • ICO Begins: March 1, 2018
    • ICO Expires: March 31, 2018

Name: Forty Seven Bank Token
Symbol: FSBT

Token Price: 1 FSBT = 0.0047 ETH.

Support Token: ERC20

Maximum Sales Target: 36000 ETH

Token Distribution
90% - Goes to contributors
5% - For founders
5% - Bounties

More Info

Ann Thread : https://bitcointalk.org/index.php?topic=2225492
Website : https://www.fortyseven.io
Whitepaper : https://drive.google.com/file/d/0BzvESRkgX-uDeHc1QjRzbHRBelU/view
Facebook : https://www.facebook.com/FortySevenBank/
Twitter : https://twitter.com/47foundation
Telegram : https://t.me/thefortyseven
Medium : https://medium.com/@FortySeven47

Author : mriansa
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