Freelance workers get their mobile banking app

20 May 2020

Russia’s first banking app to help freelance workers and individual entrepreneurs who have no employees will soon be fully launched. In this new mobile banking format called “Tochka XS”, almost everything is automated and operates without the user’s involvement, Cnews.ru reported. The app comes from the Tochka bank for entrepreneurs and enterprises.

The new service is said to be able to rid the user of all procedural complexities every founder of a legal entity typically has to face, including accounting, tax payments, tax returns, legal issues, etc.

According to Anton Bondarev who’s in charge of Tochka XS service development, “one does not even have to open the app—everything works on its own.” As soon as money comes from a customer, the service deducts a certain percentage for taxes and fees to be paid later. The rest is automatically transferred to the freelance worker’s personal card with any bank, a procedure identical to that all employees who get salaries are accustomed to.

With the level of automation, to be self-employed becomes as easy in this respect as to work for an employer. In a traditional employment format, the employer takes care of his employee’s accounting issues; now it’s the Tochka XS that does the job.

There are only two things the user has to do manually. It takes him a single click to send an invoice for his services, and once a year he uses an SMS code to e-sign his tax return docs.

An initial thousand clients are reported to be testing Tochka’s iPhone-compatible beta version of the app. During the testing period, they only pay 0.2% of incoming payments as a fee. The official launch of the Tochka XS is slated for the summer of 2020.

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