Bank of America acquired Axia Technologies, a healthcare payment and technology company focused on facilitating secure patient payments.
The acquisition will deepen and expand Bank of America’s payment offerings for healthcare clients and will further accelerate the bank’s ability to serve this key vertical. It is part of a broader initiative to integrate merchant services onto its proprietary platform following the dissolution of its merchant services joint venture last year. Terms of the acquisition were not disclosed.
“We are adding a talented team that brings great domain expertise and technology, and we’re excited to have them join Bank of America,” Mark Monaco, head of enterprise payments at Bank of America, said. “We have a shared vision of providing clients with the best technology to meet their payment needs. Working together, we can leverage our joint expertise and capabilities to deliver a comprehensive range of payment and settlement solutions to our healthcare clients and their patients.”
Established in 2015, AxiaMed provides a gateway and terminal software solution, powering many healthcare providers to offer end-to-end, omni-channel patient payment solutions. Its integrated offerings help the financial performance of healthcare providers by expanding the payment options available to patients and streamlining administrative workflows.
“AxiaMed is excited to join Bank of America,” Randal Clark, president, CEO and founder of AxiaMed, said. “AxiaMed strives to ensure that our industry-leading payments platform can be leveraged by our partners and their clients, many of whom currently use numerous products and services of Bank of America, to provide a seamless and secure end-to-end patient payment experience.”
Bank of America has been developing its proprietary merchant services solutions over the past year that will better serve the payment needs of clients across all business lines. The platform leverages innovations such as real-time payments and best-in-class digital capabilities to provide essential functions such as merchant acquiring, payments processing and settlement, along with value-added services such as analytics and security solutions.
“Payments are core to what we do at Bank of America,” Monaco said. “We continue to invest to enable clients with expanded capabilities, and flexible solutions to meet a variety of business needs in an integrated and transparent way that puts the client first.”
