AxiaMed provides a gateway and terminal software solution to help healthcare providers offer omni-channel patient payment solutions


A Bank of America Banking Center at Porter Ranch Town Centre. (Credit: Coolcaesar/wikipedia)

Bank of America has acquired Axia Technologies, a healthcare payment and technology company focused on enabling secure patient payments, for an undisclosed amount.

The acquisition is expected to help Bank of America strengthen and expand its payment offerings for healthcare clients and advance its capabilities to serve in the healthcare field.

Established in 2015, AxiaMed provides a gateway and terminal software solution, enabling healthcare providers to offer end-to-end, omni-channel patient payment solutions.

Its cloud-based healthcare payment platform integrates into different EHRs, practice management systems, revenue cycle, patient engagement, and related software applications to provide secure, flexible patient payment options.

AxiaMed president, CEO and founder Randal Clark said: “AxiaMed is excited to join Bank of America.

“AxiaMed strives to ensure that our industry-leading payments platform can be leveraged by our partners and their clients, many of whom currently use numerous products and services of Bank of America, to provide a seamless and secure end-to-end patient payment experience.”

Bank of America said that the acquisition is part of its strategy to integrate merchant services onto its unique platform, after the closure of its merchant services joint venture in the previous year.

Over the past year, the bank has been involved in developing its proprietary merchant services solutions to meet payment needs of clients across all business lines.

The platform leverages real-time payments and advanced digital capabilities to facilitate merchant acquiring, payments processing and settlement, along with value-added services.

Bank of America offers a range of banking, investing, asset management and other financial and risk management products and services.

With nearly 4,300 retail financial centers, including approximately 2,700 lending centres, it serves approximately 66 million consumer and small business clients in the US.

In December last year, the bank launched a new tool to enable its clients to gain real-time visibility into their international payments.