Bank of America has acquired Axia Technologies, a leading health care payment and technology company focused on facilitating patient payments.
The acquisition will expand Bank of America’s payment offerings for healthcare clients and will further accelerate the bank’s ability to serve this key vertical. It is part of an initiative to integrate merchant services onto its proprietary platform following the dissolution of its merchant services joint venture last year.
Terms of the acquisition were not disclosed.
AxiaMed provides a gateway and terminal software solution, powering many healthcare providers to offer patient payment solutions. 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 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 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.
Bank of America serves approximately 66 million consumer and small business clients with 4,300 retail financial centers, including approximately 2,700 lending centers, 2,600 financial centers with a Consumer Investment Financial Solutions Advisor and approximately 2,400 business centers; approximately 17,000 ATMs.