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Bank of America leans into healthcare payments with their acquisition of Axia Technologies (AxiaMed) for an undisclosed sum. Bank of America made the announcement today (April 2nd) of their acquisition as they continue to seek growth in this key market vertical. AxiaMed is focused on facilitating patient payments through its integrated technology offerings, including their Payment Fusion gateway which has several integrations with leading healthcare practice management systems. This deal coincides with Bank of America’s larger initiative of integrating merchant services into their proprietary platform, following the disbanding of their joint venture with Fiserv (formerly First Data) last year.
Separately, Payroc announced their acquisition of Select Merchant Services (d/b/a/ Retriever Merchant Solutions) for an undisclosed sum. Retriever is a large ISO of FIS (formerly Worldpay) and handles approximately $5 billion in annual payment volume from 30,000 merchants. With this acquisition, Payroc will increase its annual payment volume to more than $33 billion and serve over 100,000 merchants.