Bank of America [NYSE: BAC] Buys Axia Technologies

Bank of America Corporation [NYSE: BAC] disclosed that it has bought Axia Technologies, Inc (AxiaMed). Since its inception, AxiaMed offers a portal and terminal software solution, driving many healthcare suppliers to offer end-to-end, omnichannel sufferer’s payment solutions. Its incorporated subscriptions assist the financial performance of healthcare suppliers by increasing the payment choices accessible to sufferers and modernizing organizational work procedures.

Bank of America has been fulfilling the payment needs of clients across all business lines by expanding its patented dealer services solutions. The platform is utilizing improvements such as real-time payments and high-class digital competencies to offer vital features such as merchant acquisition, payments processing, and settlement, along with profitable services such as analytics and security solutions.

Acquisition Rationale

This buying of Axia Technologies will strengthen and grow the payment offerings of Bank of America for healthcare customers and will further speed up the capability of banks to cater to this key vertical. It is part of a broader project to consolidate merchant services onto its patented platform after the breakup of its merchant services joint undertaking last year.

This buying decision will add a competent team that possesses great domain knowledge and experience and technology. Both the firm have the same vision and shares the same goal of offering best technology to the customers to fulfill their needs. Both the firm will utilize their competencies to offer a complete range of payment solutions to our healthcare customers and their sick people.

The firm has not disclosed the terms of the acquisition yet. The firm disclosed that it made the acquisition decision to allow its customers with increased functionality, and flexible solutions to fulfill a wide range of business needs in a unified and transparent way that puts the client first. AxiaMed also endeavoring to guarantee that its top payments platform could be exploited by its associates and their customers.