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Forty Seven Bank is a Fintech ERC20 ETH based token start-up creating an open platform for Digital Payments across all borders. With the help of Forty Seven, people living in European countries will be able to easily open multi-currency accounts with their respective cards tied to it. Thanks to this, you could easily manage accounts in European banks using convenient interface of an web or mobile application. Forty Seven customers will be able to receive and send payments, convert currencies, buy and sell cryptocurrencies. Forty Seven was founded by the information technologies, finance, economics, marketingand game industry professionals in 2017. Forty Seven Whitepaper

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"The main intention is to create Bank as a Service (BaaS) platform for fintech developers that will be able to get access to the infrastructure and customer base via API. Developers with small or medium capital will be able to create their fintech apps and enter the banking market without the need to establish the whole infrastructure and getting banking license by themselves. It substantially reduces barriers to enter the market, which are currently very high."

Basic information[edit]

The trend of moving away from centralised to decentralised markets was introduced by the European Commission with Payment Services Directive (PSD) followed by PSD2 which comes into force next year which obliges financial institutions to grant the access to their various prod- ucts and services via Application Programming Interfaces (APIs). Successful integration of the directive will create the single trade and transaction market which also will bring users closer to the digitals assets.

Forty Seven is based in United Kingdom, London[edit]

There are three main reasons for this particular domicile location:

1. The government of the United Kingdom and regulatory authorities have advanced favourable conditions towards cryptocurrencies and other digital asset initiatives.

2. London itself is a major financial centre which gives access to significant share of the foreign exchange market out of the world’s total foreign exchange dealings. Having this in mind could draw an assertion that London could provide solid base for cryptocurrency services’ claims and advancement.

3. Forty Seven team already has had successful experience of developing financial technology products and their full legal registration procedure completion in the UK regulatory framework – FCA.

Forty Seven values[edit]

  • 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 and Services[edit]

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.

Tools and services for external developers[edit]

Forty Seven opens a wide spectrum of possibilities for software developers and partner institutions.

  • Access to API. Open API allows external developer to create modern financial services based on Forty Seven's infrastructure and internal processes. These applications can both expand the functionality of service's products and adjust to needs of other company. Use cases of such applications are limited exclusively to developers’ vision and preferences of potential clients.
  • Forty Seven will hold DevDays technological conferences for independent developers and financial institutions.
  • Possibility to provide complete set of Forty Seven services under personal brand (white label). With the help of this service, any institutional organisation will be able to use our applications and services without the need to modify their existing infrastructure and the need to obtain additional licenses from regulatory organs. All that is going to be done while keeping your own clients and offering them dedicated Forty Seven's services under personal brand.
  • A showcase of financial applications using Forty Seven API

Minimum viable product (MVP) - Can be located and tested here

External links[edit]

See Also on BitcoinWiki[edit]