Bank of America acquire Axia Technologies

With the raging Covid-19 pandemic has brought pain points in the healthcare sector, banks are seizing the opportunity to snap up fintechs with expertise in this space.

This week, Bank of America has announced the acquisition of healthcare payments company, Axia Technologies which focuses on facilitating secure patient payments.

According to the press note, this acquisition will “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 and it a part of a broader initiative to integrate merchant services onto its proprietary platform following the dissolution of its merchant services joint venture last year”.

“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,” said Mark Monaco, head of enterprise payments at Bank of America.

The press noted that 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 would leverage real-time payments and other digital capabilities such as merchant acquiring, payments processing and settlement.

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

Axia Technologies (AxiaMed) provides gateway and terminal software solutions which provide healthcare providers with end to end, omnichannel patient payment solutions.

The terms of acquisitions were not disclosed in the press release.