Bank of America acquires health-care payments company Axia Technologies

By Pavithra R

Bank of America, a leading financial institutions, serving individuals, small- and middle-market businesses and large corporations has announced the acquisition of Axia Technologies (AxiaMed), a healthcare financial technology company that specializes in payment security. Terms of the acquisition were not disclosed

The acquisition expected to deepen and expand BofA’s payment offerings for healthcare clients and accelerate the bank’s ability to serve this key vertical. The deal 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.

“We are adding a talented team that brings great domain expertise and technology, and we’re excited to have them join 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,” said Mark Monaco, head of enterprise payments at Bank of America.

Founded in 2015, AxiaMed provides integrated healthcare payments technology for healthcare IT companies to streamline workflow and simplify collecting patient payments. The firm partners with independent software vendors (ISVs) to offer secure patient payment solutions from within their healthcare applications. Its integrated offerings help improve the financial performance of healthcare providers by expanding the payment options available to patients, streamlining administrative workflows, and reducing bad debt.

“AxiaMed is excited to join Bank of America. 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,” said Randal Clark, President, CEO and Founder of AxiaMed.

Established in 1998, The Bank of America is a leading financial institution, serving individuals, 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 bank has been actively developing its proprietary merchant services solutions that will better serve the payment needs of clients across all business lines. The platform leverages innovations such as real-time payments and emerging digital capabilities to provide essential functions such as payments processing and settlement, merchant acquiring, along with value-added services such as analytics and security solutions.