A press release from BoA indicates that the acquisition will help the American lender grow its healthcare payments solutions. According to BoA’s head of enterprise payments Mark Monaco, the deal offers the two firms a chance to merge great technologies and advance client payments. Monaco added that payments remain a key segment of the bank’s future growth: AxiaMed’s CEO Randal Clark says clients will benefit further from the deal since most are utilizing BoA services and products. According to Clark:
BoA building payments platform
The acquisition builds on Bank of America’s increasing focus on setting up merchant services solutions. The acquisition is a substitute for the bank’s dissolved merchant services joint venture with Fiserv Inc. Following the dissolution, the financial giant is building its platform, which reportedly deploys real-time payments and other digital technologies. The bank seeks to meet payment needs across various business lines AxiaMed established in 2015 offers a gateway and terminal software solution to power payments in the healthcare sector.
