Tochka Bank for Entrepreneurs and Enterprises has developed an innovative banking app to help freelance workers and individual entrepreneurs who have no employees. In this new mobile banking format called “Tochka XS”, almost everything is automated and operates without the user’s involvement.

The new service rids 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.

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.

A user’s manual work is basically limited to sending an invoice for his or her services (by a single click) and to once a year using an SMS code to e-sign his or her tax return docs.