Welcome to our dedicated page for Synchrony Financial news (Ticker: SYF), a resource for investors and traders seeking the latest updates and insights on Synchrony Financial stock.
Synchrony Financial (NYSE: SYF) is a leading consumer financial services provider specializing in private-label credit cards, digital financing solutions, and healthcare credit products. This news hub offers investors and industry professionals centralized access to official updates and market analysis for informed decision-making.
Track SYF's latest developments including earnings reports, strategic partnerships, product innovations, and regulatory updates. Our curated collection features press releases about retail card programs, CareCredit healthcare financing expansions, and payment technology advancements across SYF's partner network.
Key updates cover three primary areas: financial performance (quarterly results, investor communications), operational developments (new merchant partnerships, digital platform enhancements), and industry leadership (consumer credit trends, regulatory compliance initiatives). Bookmark this page for real-time access to SYF's evolving position in consumer finance markets.
AxiaMed has announced a collaboration with CareCredit to enhance patient payment experiences through their payment platform. CareCredit offers promotional financing options for healthcare costs at over 240,000 providers. This integration will enable providers to accept CareCredit payments directly through AxiaMed's PAX Android devices, streamlining transactions and improving efficiency. The partnership aims to ease financial discussions for both providers and patients, with features like instant credit decisions and reduced paperwork. AxiaMed's technology facilitates secure transactions, benefiting over 11 million CareCredit cardholders.
Synchrony announced the winners of its Pillars Project awards at the virtual Envision conference, honoring 20 small businesses for their resilience during challenging times. Each business receives a $10,000 prize aimed at fostering growth and supporting community impact. The program, initiated in 2016, recognizes small business owners who have contributed positively to their communities. This year’s initiative saw an increase in winners, reflecting Synchrony's commitment to small business support. The awarded businesses span various industries from retail to healthcare.
CareCredit, a key player in promotional financing for health and veterinary services, has extended its partnership with National Veterinary Associates (NVA) for multiple years. This agreement allows CareCredit to remain NVA's preferred customer financing option, enhancing payment solutions for pet owners across over 700 veterinary hospitals. As pet care costs surge, estimated pet spending in 2020 is projected at $99 billion, with veterinary care accounting for more than $30.2 billion. CareCredit aims to facilitate seamless financial transactions through digital tools for pet care.
CareCredit, a solution from Synchrony (NYSE:SYF), has integrated with Open Dental practice management software version 20.3. This integration aims to enhance efficiency for dental practices and facilitate financing options for patients. New features include CareCredit's Quickscreen®, enabling staff to identify pre-approved patients easily, and streamlined transaction processing directly from the Patient Account Screen. The initiative aims to support practices in managing patient care during challenging times. CareCredit has been a key player in patient financing for over 30 years.
Synchrony Financial (NYSE: SYF) has declared a quarterly cash dividend of $0.22 per share, payable on November 12, 2020, to shareholders registered by the close of business on November 2, 2020. Additionally, a dividend of approximately $14.06 per share on its 5.625% Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A, will be paid on November 16, 2020, also to holders of record by November 2, 2020. This demonstrates the company’s commitment to returning value to shareholders while maintaining its strong position in consumer financial services.
Synchrony Financial (NYSE: SYF) reported a third quarter 2020 net earnings of $313 million, or $0.52 per diluted share, despite restructuring charges of $89 million and increased provisions for credit losses under CECL totaling $66 million. Loan receivables fell 6% to $78.5 billion, and interest and fees on loans decreased 22% to $3.8 billion. Average active accounts dropped 16% to 64.3 million. The company's capital position remains strong with a Tier 1 Capital ratio of 16.7%. Key partnerships were renewed, and a new Venmo program was launched to enhance digital offerings.
Venmo has launched its first-ever Credit Card, issued by Synchrony (SYF) and backed by Visa, facilitating automatic cash back on every eligible purchase. The card allows users to earn up to 3% cash back in top spending categories and integrates seamlessly with the Venmo app for easy management. Key features include personalized rewards, real-time spending tracking, custom designs, virtual card access, and enhanced security measures like RFID technology. No annual fees apply, and cash back rewards have no expiration, enhancing user benefits.
On Sept. 29, 2020, Synchrony announced advancements in digital payment solutions amid rising consumer demand for contactless commerce due to the pandemic. Key developments include the launch of 'Direct to Device', facilitating contactless transactions and digital credit applications, with approximately 70% of credit applications completed digitally in Q2 2020. Synchrony ensures seamless experiences by providing tools for partners and consumers, enhancing engagement across various channels. The overall usage of contactless payments surged 150% since March 2019, illustrating a significant shift in consumer behavior.
Synchrony (SYF) will announce its Q3 2020 financial results on October 20, 2020, at approximately 6:30 a.m. ET. The earnings release and presentation materials will be available on the Investor Relations section of its website. A conference call to discuss the results is scheduled for 8:30 a.m. ET on the same day. Synchrony is a leading provider of consumer financial services, including private label credit cards and innovative banking products across various industries.
