Bank of America announced on Friday it has acquired Axia Technologies, Inc. (AxiaMed), a healthcare payment and technology company that is focused on facilitating secure patient payments. The banking giant reported that the acquisition will deepen and expand its payment offerings for healthcare clients, as well as further accelerate its ability to serve healthcare payments vertically.
Founded in 2015, AxiaMed reportedly 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. While sharing more details about the acquisition, Mark Monaco, Head of Enterprise Payments at Bank of America, stated:
“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.”
Randal Clark, President, CEO, and Founder of AxiaMed, further commented:
“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 then added it 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.”