Financial institution of The usa Acquires Axia Technologies, Inc. | Business enterprise & Finance

The acquisition will deepen and increase Bank of America’s payment offerings for health care consumers and will additional accelerate the bank’s capability to provide this crucial vertical. It is part of a broader initiative to combine merchant services on to its proprietary system pursuing the dissolution of its service provider expert services joint enterprise last year. Terms of the acquisition have been not disclosed.

“We are adding a gifted crew that delivers great area experience and know-how, and we’re psyched to have them sign up for Bank of The usa,” claimed Mark Monaco, head of company payments at Lender of The united states. “We have a shared vision of delivering purchasers with the best technological know-how to meet up with their payment requires. Functioning with each other, we can leverage our joint skills and capabilities to provide a complete assortment of payment and settlement alternatives to our health care customers and their people.”

Set up in 2015, AxiaMed gives a gateway and terminal application solution, powering many healthcare providers to present stop-to-end, omni-channel patient payment options. Its built-in choices enable the monetary efficiency of healthcare providers by increasing the payment options readily available to patients and streamlining administrative workflows.

“AxiaMed is enthusiastic to be part of Lender of The us,” stated Randal Clark, President, CEO and Founder of AxiaMed. “AxiaMed strives to make sure that our sector-foremost payments system can be leveraged by our partners and their customers, a lot of of whom presently use a lot of items and companies of Bank of America, to supply a seamless and safe conclude-to-conclude affected individual payment encounter.”

Financial institution of The usa has been establishing its proprietary merchant expert services alternatives above the earlier 12 months that will far better serve the payment desires of purchasers across all enterprise strains. The platform leverages improvements such as real-time payments and ideal-in-course electronic capabilities to present necessary functions these kinds of as service provider acquiring, payments processing and settlement, along with price-extra solutions these types of as analytics and security methods.

“Payments are core to what we do at Financial institution of The united states,” included Monaco. “We go on to invest to allow customers with expanded abilities, and adaptable solutions to meet a selection of business wants in an integrated and transparent way that puts the client very first.”

Financial institution of The usa is one particular of the world’s foremost economic institutions, serving unique people, little and middle-market place firms and massive corporations with a complete range of banking, investing, asset management and other money and danger administration goods and solutions. The enterprise presents unmatched benefit in the United States, serving somewhere around 66 million buyer and smaller enterprise clients with about 4,300 retail economic facilities, which include about 2,700 lending centers, 2,600 money centers with a Customer Investment decision Money Solutions Advisor and close to 2,400 enterprise facilities close to 17,000 ATMs and award-profitable digital banking with approximately 39 million lively end users, together with approximately 31 million mobile buyers. Bank of The us is a world wide leader in prosperity administration, company and expense banking and trading across a broad assortment of asset classes, serving corporations, governments, institutions and folks all around the entire world. Financial institution of The us features sector-leading help to somewhere around 3 million smaller business enterprise households via a suite of progressive, quick-to-use on-line solutions and expert services. The business serves customers by way of operations across the United States, its territories and approximately 35 international locations. Lender of The united states Company inventory (NYSE: BAC) is mentioned on the New York Stock Exchange.

AxiaMed, based mostly in Santa Barbara, California, is a healthcare financial engineering enterprise concentrated on facilitating client payments. AxiaMed’s cloud-primarily based healthcare payment system integrates into various EHRs and follow administration systems as properly as profits cycle, affected person engagement, and associated software program programs to present secure, flexible patient payment selections with market-top capabilities and ideal workflows. Architected uniquely for the health care sector, AxiaMed’s platform provides unprecedented company-amount stability, economical interoperability and relieve of scale for any healthcare group.

Forward-Wanting Statements

Selected statements contained in this information release might represent “forward-looking” statements inside of the this means of the Non-public Securities Litigation Reform Act of 1995. These forward-searching statements characterize the latest expectations, options or forecasts of Lender of The usa based on available info. Ahead-seeking statements can be discovered by the simple fact that they do not relate strictly to historic or existing facts. These statements usually use words like “expects,” “anticipates,” “believes,” “estimates,” “targets,” “intends,” “plans,” “predict,” “goal” and other comparable expressions or long run or conditional verbs these kinds of as “will,” “may,” “might,” “should,” “would” and “could.” Forward-seeking statements discuss only as of the day they are built, and Financial institution of The usa undertakes no obligation to update any ahead-seeking statement to mirror the impression of situations or activities that come up right after the day the ahead-searching statement was made.

Ahead-on the lookout statements stand for Lender of America’s latest anticipations, ideas or forecasts of its long run final results, revenues, fees, performance ratio, funds actions, and long run enterprise and economic circumstances additional commonly, and other foreseeable future matters. These statements are not assures of its foreseeable future outcomes or performance and require specified known and not known hazards, uncertainties and assumptions that are complicated to forecast and are usually past Bank of America’s management. True results and benefits may possibly vary materially from individuals expressed in, or implied by, any ahead-looking statements. You need to not location undue reliance on any forward-looking statement and ought to consider all of the uncertainties and hazards mentioned under Product 1A. “Risk Factors” of Lender of America’s Yearly Report on Sort 10-K for the yr ended December 31, 2020 and in any of Financial institution of America’s other subsequent Securities and Trade Fee filings.

Get in touch with: Reporters could speak to:

Betty Riess, Bank of America

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