Financial institution of The us Acquires Axia Technologies, Inc. | Organization & Finance

The acquisition will deepen and expand Financial institution of America’s payment choices for healthcare consumers and will additional accelerate the bank’s ability to serve this important vertical. It is element of a broader initiative to combine service provider products and services onto its proprietary system subsequent the dissolution of its merchant companies joint enterprise previous 12 months. Phrases of the acquisition ended up not disclosed.

“We are including a proficient group that delivers excellent area skills and engineering, and we’re thrilled to have them be part of Financial institution of America,” stated Mark Monaco, head of business payments at Lender of The usa. “We have a shared vision of providing consumers with the finest technology to fulfill their payment requirements. Operating alongside one another, we can leverage our joint abilities and capabilities to deliver a thorough assortment of payment and settlement answers to our healthcare consumers and their individuals.”

Established in 2015, AxiaMed gives a gateway and terminal software alternative, powering lots of healthcare vendors to supply conclude-to-stop, omni-channel affected individual payment remedies. Its built-in choices assist the monetary performance of health care companies by expanding the payment possibilities readily available to patients and streamlining administrative workflows.

“AxiaMed is energized to be a part of Financial institution of The united states,” explained Randal Clark, President, CEO and Founder of AxiaMed. “AxiaMed strives to make sure that our industry-foremost payments platform can be leveraged by our partners and their purchasers, many of whom at this time use numerous goods and providers of Lender of America, to give a seamless and secure stop-to-conclude individual payment expertise.”

Bank of America has been building its proprietary service provider products and services solutions about the past calendar year that will better serve the payment wants of consumers across all enterprise strains. The platform leverages improvements such as real-time payments and most effective-in-class electronic abilities to provide vital features this kind of as service provider buying, payments processing and settlement, together with value-included solutions such as analytics and stability answers.

“Payments are main to what we do at Lender of America,” additional Monaco. “We go on to invest to allow shoppers with expanded capabilities, and adaptable options to meet a wide range of company wants in an integrated and transparent way that places the client 1st.”

Financial institution of The us is 1 of the world’s foremost economical establishments, serving specific shoppers, little and center-industry firms and massive businesses with a complete variety of banking, investing, asset management and other monetary and possibility administration items and services. The enterprise offers unmatched advantage in the United States, serving somewhere around 66 million consumer and compact enterprise clients with approximately 4,300 retail economic facilities, which includes approximately 2,700 lending centers, 2,600 economical centers with a Client Investment Fiscal Options Advisor and close to 2,400 enterprise facilities around 17,000 ATMs and award-winning digital banking with close to 39 million energetic users, which include somewhere around 31 million cellular users. Bank of The us is a world leader in prosperity administration, corporate and expenditure banking and trading throughout a wide vary of asset courses, serving firms, governments, establishments and persons around the earth. Bank of The usa features industry-major guidance to about 3 million small organization households through a suite of innovative, uncomplicated-to-use on the internet products and providers. The business serves customers through functions across the United States, its territories and somewhere around 35 nations. Financial institution of The usa Company stock (NYSE: BAC) is detailed on the New York Stock Trade.

AxiaMed, centered in Santa Barbara, California, is a health care financial technological innovation organization focused on facilitating patient payments. AxiaMed’s cloud-centered healthcare payment system integrates into a variety of EHRs and apply management methods as very well as earnings cycle, patient engagement, and associated computer software purposes to provide safe, flexible affected person payment possibilities with sector-leading functions and best workflows. Architected uniquely for the health care sector, AxiaMed’s platform provides unprecedented organization-level stability, economical interoperability and simplicity of scale for any health care group.

Ahead-Seeking Statements

Sure statements contained in this news launch may perhaps constitute “forward-looking” statements inside the which means of the Private Securities Litigation Reform Act of 1995. These ahead-hunting statements characterize the recent anticipations, ideas or forecasts of Bank of The us based mostly on accessible facts. Ahead-seeking statements can be recognized by the reality that they do not relate strictly to historic or current information. These statements normally use words and phrases like “expects,” “anticipates,” “believes,” “estimates,” “targets,” “intends,” “plans,” “predict,” “goal” and other equivalent expressions or potential or conditional verbs such as “will,” “may,” “might,” “should,” “would” and “could.” Forward-wanting statements speak only as of the day they are manufactured, and Lender of America undertakes no obligation to update any forward-on the lookout statement to mirror the influence of conditions or events that come up immediately after the day the ahead-wanting statement was produced.

Ahead-hunting statements signify Lender of America’s latest expectations, programs or forecasts of its upcoming final results, revenues, expenditures, effectiveness ratio, funds actions, and foreseeable future organization and financial problems much more normally, and other potential matters. These statements are not ensures of its foreseeable future success or efficiency and involve selected recognized and mysterious hazards, uncertainties and assumptions that are complicated to predict and are generally past Bank of America’s command. Actual results and outcomes may differ materially from those people expressed in, or implied by, any forward-searching statements. You really should not position undue reliance on any ahead-on the lookout statement and should look at all of the uncertainties and dangers talked about less than Merchandise 1A. “Risk Factors” of Financial institution of America’s Annual Report on Kind 10-K for the calendar year ended December 31, 2020 and in any of Bank of America’s other subsequent Securities and Trade Commission filings.

Make contact with: Reporters might call:

Betty Riess, Bank of America

Key phrase: NORTH CAROLINA UNITED STATES NORTH The united states

Marketplace Keyword: Technology FINANCE Security BANKING Specialist Expert services Computer software Apply Administration OTHER Health and fitness Well being Facts Administration

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PUB: 04/02/2021 09:00 AM/DISC: 04/02/2021 09:01 AM