Joust, a US based fintech has rolled out a new banking platform exclusively for freelancers to fulfill their banking needs. The banking platform is insured by FDIC (Federal Deposit Insurance Corporation). The announcement was made public on Tuesday.
The new banking platform will benefit the freelancers as it provides a free deposit account. The free deposit account is supported by a community bank along with a merchant account. The merchant payment will allow the freelancers carrying out credit and debiting card payments for their products and services.
Apart from all that, the platform will also provide financial protection in case of an unpaid invoice.
The financial protection is known as PayArmour and will support the account holder up to an amount of $5,000 if any client delays or don’t process the payment.
Currently, iOS users can download the Joust app and the Android version of the app will be available in February.
As per the co-founder and CEO of Joust, the company will aim to remove the difficulties felt by the independent workers since they make an ethical banking system for freelancers and entrepreneurs. The company has integrated product design, freelancing, and regulatory experiences to tailor the needs and values of the employees historically shut out of the banking system.
The new platform has been supported by a digital platform called Cambr. Cambr incorporates a network of community banks, which includes Stone Castle Deposit Network.
The new development will definitely make things seamless for the freelancers.