What is Forty Seven Bank?
Forty Seven Bank is the bank of the future. It will be registered in the United Kingdom with Financial Conduct Authority (FCA). The bank will be compliant with all the EU directives, including Payment Services Directive 2 (PSD2) that comes into force this year.
By creating Forty Seven Bank Application Platform, we will give fintech developers the opportunity to enter banking market in the EU without the need to create the whole infrastructure from scratch and receiving license for it. Developers will be able to create even their own White Label bank and become competitors to traditional banks.
Mission of Forty Seven Bank
The mission of Forty Seven Bank is to create innovative, flexible and open Application Platform for financial technology developers, who will be able to operate under the roof of Forty Seven Bank, having access to banks infrastructure and customer base. We will give opportunity to developers with small or medium capital to create white label applications which will be able to compete with traditional banks. Our Bank as a Service (BaaS) solution will disrupt financial sector of the European Union by reducing barriers to entry the fintech market.
Tools and services for external developers
The featured product is a Multi-Asset Account for private customers with a tied card.
- 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
Features and technologies
- Service-oriented architechture
- Machine learning
- Open API
- Smart contracts
- Adaptive security architechture
- Conversational systems
- Cloud computing
Forty Seven Bank Roadmap
Q4 2016 - Development of Forty Seven Bank concept, project plan elaboration
Q2-Q4 2017 - Preparation and start of crowdfunding via Token Generation Event
Q1 2018 - Successful completion of Token Generation Event
Q2 2018 - Software infrastructure deployment, FSBT launch on exchanges
Q3 2018 - Applying for EMI, PI authorisation at FCA, integration with SWIFT system
Q4 2018 - Obtaining EMI, PI licenses, authorisation for activity from FCA. Launch of services for FSBT tokens holders
Q1 2019 - Submission of documents to obtain banking license
Q4 2019 - Obtaining banking license. Start of providing full-scale banking services
Exchanges Forty Seven Bank plans to be listed on