Bank of America (BofA), one of the highly deemed financial institutions worldwide, has reportedly announced taking over healthcare financial technology biz - Axia Technologies for an undisclosed transaction amount.
The Bank of America serves as a leading financial institution which is currently into offering various industries, small- and middle-market businesses as well as large corporations with an expansive range of banking and financial, investing, risk management, and asset management services and products.
As per official reports, the acquisition is likely to expand and strengthen BofA’s payment offerings for healthcare customers and accelerating the bank’s capability of offering services to the key vertical. Moreover, the deal emerges as a part of a broader initiative to deploy merchant services onto its patent platform following the dissolution of its merchant services JV the previous year.
Commenting on the acquisition deal, Mark Monaco, head of enterprise payments at Bank of America, stated that the organization is looking forward to adding a proficient team of AxiaMed that brings exceptional domain expertise and technology to the Bank of America.
Mark added that by working in alliance, companies can leverage their joint expertise and capabilities to offer comprehensive range of payment and settlement solutions to BofA’s healthcare clients and their patients.
Meanwhile, President, CEO, and Founder of AxiaMed, Randal Clark mentioned that the firm is elated to have joined forces with Bank of America. Their partnership with the financial institution would support it to deliver seamless client experience and secure end-to-end patient payment experience in the near future.
For the uninitiated, AxiaMed has been relentlessly working towards offering integrated healthcare payments technology for healthcare IT firms in an attempt to streamlining their workflow and simplifying the chaos of collecting patient payments. The company partners with independent software vendors to provide secure and safe patient payment solutions from within their healthcare applications.