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

The acquisition will deepen and broaden Lender of America’s payment choices for healthcare consumers and will further accelerate the bank’s means to provide this essential vertical. It is component of a broader initiative to combine service provider expert services on to its proprietary platform pursuing the dissolution of its service provider products and services joint venture final 12 months. Conditions of the acquisition were being not disclosed.

“We are introducing a talented workforce that provides terrific area know-how and technology, and we’re energized to have them be a part of Lender of The us,” stated Mark Monaco, head of organization payments at Lender of The usa. “We have a shared vision of delivering consumers with the best technological know-how to meet up with their payment desires. Doing work with each other, we can leverage our joint abilities and abilities to provide a comprehensive range of payment and settlement answers to our health care shoppers and their clients.”

Established in 2015, AxiaMed offers a gateway and terminal application option, powering quite a few healthcare suppliers to offer stop-to-conclude, omni-channel client payment alternatives. Its built-in choices aid the money efficiency of healthcare vendors by growing the payment selections readily available to patients and streamlining administrative workflows.

“AxiaMed is excited to sign up for Financial institution of The us,” claimed Randal Clark, President, CEO and Founder of AxiaMed. “AxiaMed strives to ensure that our field-leading payments system can be leveraged by our partners and their shoppers, quite a few of whom presently use several products and solutions and services of Bank of The usa, to offer a seamless and secure conclusion-to-finish individual payment encounter.”

Lender of America has been developing its proprietary service provider expert services methods over the earlier 12 months that will improved serve the payment demands of consumers throughout all company strains. The system leverages improvements this kind of as serious-time payments and finest-in-class digital abilities to deliver necessary functions this kind of as service provider attaining, payments processing and settlement, together with price-additional companies this kind of as analytics and protection options.

“Payments are main to what we do at Bank of The usa,” added Monaco. “We carry on to commit to permit shoppers with expanded capabilities, and adaptable answers to meet a selection of company requires in an built-in and transparent way that places the shopper very first.”

Lender of America is a person of the world’s leading money establishments, serving personal shoppers, small and middle-industry corporations and substantial businesses with a entire vary of banking, investing, asset management and other economical and danger administration products and providers. The enterprise supplies unmatched convenience in the United States, serving somewhere around 66 million buyer and smaller business consumers with around 4,300 retail money centers, like close to 2,700 lending facilities, 2,600 monetary centers with a Shopper Financial commitment Economic Solutions Advisor and about 2,400 business facilities approximately 17,000 ATMs and award-profitable electronic banking with close to 39 million active customers, which includes close to 31 million cell consumers. Financial institution of The us is a world leader in prosperity management, company and investment decision banking and buying and selling across a wide assortment of asset classes, serving companies, governments, institutions and individuals all around the globe. Financial institution of The united states provides industry-foremost assist to about 3 million compact organization homes as a result of a suite of revolutionary, quick-to-use on the internet products and companies. The organization serves clients via functions throughout the United States, its territories and somewhere around 35 international locations. Bank of The united states Corporation inventory (NYSE: BAC) is detailed on the New York Stock Exchange.

AxiaMed, primarily based in Santa Barbara, California, is a healthcare money technological know-how company targeted on facilitating individual payments. AxiaMed’s cloud-based healthcare payment system integrates into numerous EHRs and follow administration programs as perfectly as income cycle, affected person engagement, and linked software applications to offer protected, versatile affected person payment possibilities with market-foremost features and optimal workflows. Architected uniquely for the healthcare sector, AxiaMed’s system delivers unparalleled business-stage safety, economic interoperability and relieve of scale for any health care group.

Ahead-Looking Statements

Selected statements contained in this information launch could constitute “forward-looking” statements within just the that means of the Private Securities Litigation Reform Act of 1995. These forward-searching statements depict the recent anticipations, options or forecasts of Lender of The usa primarily based on out there details. Ahead-on the lookout statements can be discovered by the actuality that they do not relate strictly to historical or latest facts. These statements often use terms like “expects,” “anticipates,” “believes,” “estimates,” “targets,” “intends,” “plans,” “predict,” “goal” and other equivalent expressions or upcoming or conditional verbs this kind of as “will,” “may,” “might,” “should,” “would” and “could.” Ahead-wanting statements communicate only as of the date they are made, and Financial institution of The usa undertakes no obligation to update any ahead-hunting assertion to replicate the effects of situation or events that crop up right after the day the forward-looking assertion was produced.

Forward-hunting statements represent Bank of America’s present-day anticipations, programs or forecasts of its foreseeable future final results, revenues, bills, effectiveness ratio, money steps, and long term small business and financial situations a lot more normally, and other foreseeable future issues. These statements are not ensures of its foreseeable future effects or effectiveness and involve sure regarded and unfamiliar threats, uncertainties and assumptions that are difficult to forecast and are frequently beyond Financial institution of America’s control. Actual outcomes and outcomes may vary materially from individuals expressed in, or implied by, any forward-looking statements. You ought to not place undue reliance on any ahead-searching statement and need to think about all of the uncertainties and hazards talked about below Item 1A. “Risk Factors” of Lender of America’s Yearly Report on Type 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.

Get hold of: Reporters may possibly get hold of:

Betty Riess, Bank of America

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