Why Bank Of America (BAC) Is Buying Axia Technologies

By Amit Chowdhry ● April 2, 2021
  • Bank of America (NYSE: BAC) announced it acquired Axia Technologies, a leading healthcare payment and tech company focused on facilitating secure patient payments. These are the details.

Today Bank of America (NYSE: BAC) announced it acquired Axia Technologies, a leading healthcare payment and tech company focused on facilitating secure patient payments. This acquisition is expected to 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. Plus 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. The terms of the acquisition were not disclosed.

Launched in 2015, AxiaMed provides a gateway and terminal software solution, powering many healthcare providers to offer end-to-end, omnichannel patient payment solutions. And its integrated offerings help the financial performance of healthcare providers by expanding the payment options available to patients and streamlining administrative workflows.

Bank of America has been developing its proprietary merchant services solutions in the past year that will better serve the payment needs of clients across all business lines. And the platform utilizes innovations like 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.

KEY QUOTES:

“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.”

“Payments are core to what we do at Bank of America. 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.”

— Mark Monaco, head of enterprise payments at Bank of America

“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.”

— Randal Clark, President, CEO and Founder of AxiaMed