Bank of America today announced that it has acquired Axia Technologies, Inc. (“AxiaMed”), an industry-leading health care 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,” said Mark Monaco, head of enterprise payments at Bank of America. “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”, said Randal Clark, President, CEO and Founder of AxiaMed. “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,” added Monaco. “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.”
Bank of America is one of the world’s leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 66 million consumer and small business clients with approximately 4,300 retail financial centers, including approximately 2,700 lending centers, 2,600 financial centers with a Consumer Investment Financial Solutions Advisor and approximately 2,400 business centers; approximately 17,000 ATMs; and award-winning digital banking with approximately 39 million active users, including approximately 31 million mobile users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and approximately 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.
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AxiaMed, based in Santa Barbara, California, is a healthcare financial technology company focused on facilitating patient payments. AxiaMed’s cloud-based healthcare payment platform integrates into various EHRs and practice management systems as well as revenue cycle, patient engagement, and related software applications to provide secure, flexible patient payment options with industry-leading features and optimal workflows. Architected uniquely for the healthcare industry, AxiaMed’s platform provides unprecedented enterprise-level security, financial interoperability and ease of scale for any healthcare organization.
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Betty Riess, Bank of America