Bank of America buys health care technology firm to expand payment services

  • Bank of America (NYSE:BAC) acquires Axia Technologies, a health care payment and technology company, in its effort to expand BofA's payment offerings for health care clients and part of a broader initiative to integrate merchant services onto its proprietary platform.
  • The move follows the dissolution of its merchant services joint venture last year. Terms of the deal weren't disclosed.
  • Formed in 2015, AxiaMed provides a gateway and terminal software solution, helping health care providers to offer end-to-end, omni-channel patient payment solutions. Its integrated offerings expand payment options available to patients and helps to streamline administrative workflows.
  • "Payments are core to what we do at Bank of America ,” said Mark Monaco, head of enterprise payments at Bank of America .
  • BofA announced in 2019 that it would end its merchant services joint venture with First Data, now a part of Fiserv , in 2020.

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