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April 2, 2021updated 14 Apr 2021 11:03am

Bank of America snaps up AxiaMed to grow payment services

By Douglas Blakey

Bank of America is acquiring AxiaMed a health care payment and technology company focused on facilitating secure patient payments.

The Axia Technologies (AxiaMed) acquisition deepens and expands Bank of America’s payment offerings for healthcare clients. In addition, it further accelerates the bank’s ability to serve a key vertical.

Moreover, it is part of a broader initiative to integrate merchant services onto its proprietary platform. Last year, Bank of America dissolved its merchant services joint venture with Fiserv’s First Data unit. Terms of the AxiaMed acquisition are not disclosed.

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

AxiaMed: established in 2015

AxiaMed provides a gateway and terminal software solution. It powers many healthcare providers to offer end-to-end, omni-channel patient payment solutions.  As a result, its integrated offerings help the financial performance of healthcare providers. Specifically, it expands the payment options available to patients and streamlining administrative workflows.

“AxiaMed is excited to join Bank of America”, says Randal Clark, President, CEO and Founder of AxiaMed. “AxiaMed strives to ensure that our industry-leading payments platform can be leveraged by our partners and their clients. And many of them currently use numerous products and services of Bank of America. This provides a seamless and secure end-to-end patient payment experience.”

Proprietary merchant services solutions

Bank of America 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. The aim is to provide essential functions such as merchant acquiring, payments processing and settlement, along with value-added services such as analytics and security solutions.

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