back Back

Bank of America acquires health-care payments company Axia Technologies

By Pavithra R

April 05, 2021

  • America
  • Axia Technologies
Share

Bank of America acquires health-care payments company Axia TechnologiesBank 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.

Previous Article

April 01, 2021

Creditas Solutions launches digital collections and recoveries platform Ethera

Read More
Next Article

April 05, 2021

TrustID rolls out all-inclusive KYC and AML service

Read More








IBSi Daily News Analysis

March 22, 2024

America

Industry experts stress modernization, sustainability, and AI as cornerstones for future of corporate banking, Finastra study shows

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

Today

GLN International & AUB to expand QR payment network to the Philippines

Read More

Today

SCAP and Zwipe partner to bring biometric access cards to France

Read More

Today

Payop partners with Tink to add Pay by Bank in Europe

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q4 2023
Know More
Wealth Management & Private Banking Systems Report Q4 2023
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q4 2023
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023