Wellcome to yenny: Forty Seven Bank - a modern universal bank

Forty Seven is a unique project built to create a modern universal bank both for users of cryptocurrencies and adherents of the traditional monetary system; a bank that will be acknowledged by international financial organisations; a bank that will correspond to all the requirements of regulators.

A team of professionals from the worlds of banking, finance, and IT with expertise and experience in the creation and licensing of payment systems, and building of electronic financial institutions will work to realise the goals of the project.

Our bank will become the biggest structure that corresponds to all the requirements of regulators and the EU Payment Services Directive 2 (PSD2). We will comply with Know Your Customer (KYC) and Anti-Money Laundering (AML) policies in order to guard against agents of the “grey” market.

Forty Seven is based on three principles: relevance, convenience, and security. Our specialists use up-to-date technological developments such as blockchain, biometrics, smart contracts, machine learning and many others. If you are interested in the specific details of our establishment and creation of a hi-tech bank, please see the following documents

The mission of Forty Seven Bank

team is to provide safe,

innovative and user friendly financial services and products to our customers –

individuals, businesses, developers, traders, financial and governmental institutions.

Our range of products will unite cryptoworld and traditional finance world and grant

new unique opportunities to both of them.

Our 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.

Features and Technologies

Based on the possibilities of the banking and cryptocurrency industries, we will take the best of the two spheres using innovative and proven technologies in the fields of finance, analytics, and data security.

Forty Seven Bank will provide open, flexible and well-documented API covering the majority of banking services. We will launch our own financial application platform that uses our API. By attracting clients and external developers, we plan to turn it into an efficient ecosystem with constantly growing value.

Application of smart contracts to automate financial processes, thereby enabling us to make deals and give credits with no risk of fraud. The implementation of machine learning technology will allow the creation of a personal manager to foresee all wishes of the client. A virtual interlocutor will assist in the reallocation of cash flows and will provide timely current financial information.

Biometric technologies and blockchain will enable users to open an account distantly and access it via smartphone and ATM without using a card. In combination with cryptographic encryption, these developments will provide increased security of personal and payment data.

ICO Services

Forty Seven Bank is going to provide services for companies that would like to attract financing via ICO. The services will include legal support, escrow arrangements, support in transferring digital currencies into fiat equivalent. We will also develop rating procedures for ICO projects and will provide thorough analysis of interesting projects.

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

Technology Blockchain

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 our clients. Blockchain should serve not only to the cryptocurrency enthusiasts, all people and businesses should benefit from this innovative technology.

Innovative products

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

Roadmap Forty Seven Bank

Q4 2016

Development of Forty Seven Bank concept, project plan elaboration

Q4 2019

Obtaining banking license. Start of providing full-scale banking services

Q4 2018

Obtaining EMI, PI licenses, authorisation for activity from FCA. Launch of services for FSBT tokens holders

Q2 2018

Software infrastructure deployment

Q2-Q4 2017

Preparation and start of crowdfunding via Token Generation Event

Q1 2019