The Bank of America (BoA) has acquired California-based healthcare payment and technology company Axia Technologies (AxiaMed) at an undisclosed fee.
A press release from BoA indicates that the acquisition will help the American lender grow its healthcare payments solutions.
According to BoA’s head of enterprise payments Mark Monaco, the deal offers the two firms a chance to merge great technologies and advance client payments. Monaco added that payments remain a key segment of the bank’s future growth:
“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,” said Monaco.
AxiaMed’s CEO Randal Clark says clients will benefit further from the deal since most are utilizing BoA services and products. According to Clark:
“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.”
BoA building payments platform
The acquisition builds on Bank of America’s increasing focus on setting up merchant services solutions. The acquisition is a substitute for the bank’s dissolved merchant services joint venture with Fiserv Inc.
Following the dissolution, the financial giant is building its platform, which reportedly deploys real-time payments and other digital technologies. The bank seeks to meet payment needs across various business lines
AxiaMed established in 2015 offers a gateway and terminal software solution to power payments in the healthcare sector.