The traditional bank is supposed to be a place where individuals, startups, ventures can run to, for different solutions to their financial needs, however, it is an entirely different ball game, as the traditional banks have made it really difficult for people to have access to these services including faster transactions, access to loans, low transaction fees etc. These flaws found in the traditional banking system can be attributed to the fact that the system is centralized; hence, the banks are in charge of what happens to their customers’ funds.
The centralization also makes it possible for governments and regulatory bodies to impose different policies and regulations. In all of these, the traditional banking in its bid to make more profits will not hesitate to implement different types of charges and hidden charges on transactions carried out by the customers, hence, the banks are making profits at the expense of its customers, and this has been a source of disappointment to many customers, as they no longer have faith in the traditional banking system.
Forty Seven Bank with the Paradigm Shift
This is a blockchain-based financial application development platform that intends to change the way traditional banks function. Forty Seven Bank was created with the aim of creating flexible, innovative and accessible application platform suitable for FinTech developers, that will make it possible for the applications to function under Forty Seven Bank, and creating unhindered access to banks’ customer base and infrastructure.
Forty Seven Bank will also grant developers the opportunity to create competitive financial technology-based applications that will give traditional banks a run for their money. The system comes with a Bank as a Service (BaaS) function that comes with solutions to the problems that plague the traditional banking system, and also reduce barriers that are preventing the FinTech market from advancing.
Packed With Amazing Features
Forty Seven Bank is not just your regular FinTech application, as it is packed with wonderful features that bring solutions to the FinTech community. The blockchain-based platform has services and tools that are very important to external developers, as it affords the developers the opportunity to create white label banking services, it grants the developers access to the API that will encourage the creation and implementation of financial services that are modern, and these services will be based on infrastructure and processes provided by Forty Seven, among other tools.
Forty Seven Bank employs the technologies of different systems including cloud computing, machine learning, smart contracts, biometrics, open API, security that is adaptive, service-oriented architecture, and conversational systems. With the wonderful features Forty Seven Bank packs, it will enhance the functionality and efficiency of the banking apps and banking itself.
The platform will function using its own token, which is called FSBT, and the token comes packed with different benefits to both the developers and private customers on the platform. It is without doubts that Forty Seven bank is indeed a bringer of solutions.