The Financial Stationers Association has announced a reorganization and name change: the associationís new name is Check Payment Systems Association (CPSA). The name change reflects the associationís goal to be a broader-based organization, and better positioned for the twenty-first century (something the ETA should consider). We are told that CPSAís purpose will be to advance, promote, and protect the long-term value and growth of paper-based payment systems.
FSA was an industry trade association for check printing companies and their suppliers, and over the last fifteen years, The Green Sheet, Inc., has used some of the consumer research funded by the association. Due to continuing changes in the industry, CPSA leadership has focused on the importance of bringing together as many industry sectors as possible in order to use the combined experiences and resources to successfully meet the challenges of the check payment industry.
"The change to the Check Payment System Association is meant to recognize that many different companies, in a variety of businesses, have a significant vested interest in the continued use of the paper check as a primary payment document," says CPSA President C. Sanford McFarlane, C.A., who is the Chairman and CEO of Davis & Henderson, Ltd., in Toronto. "We believe there is a need for these companies to speak with a single voice supporting the paper check and to work together on resolving industry issues. CPSA will perform that role."
The membership of CPSA includes more than 20 different segments of the check payment system that either add value toóor derive value fromóthe paper check. CPSA Secretary Ron Eilers, Senior Vice President and General Manager of Check Operations of Deluxe Corporation in Shoreview, Minn., comments, "FSA was an organization comprised primarily of check printing companies and focused on the industry issues printers usually face. This has been a very narrow focus. With the increased attention placed on fraud and emergence of electronic replacement products, our focus needs to broaden. We need to really be interested in the entire check payment system if we are to be successful prolonging the check document as a secure and convenient payment method. And as a result, we need to expand the membership and scope of the association to include companies who have the same interest in the check documentís life. Business is getting more complex for all of us, and we need to look beyond the check printing industry for cooperation, clout, and collaboration with companies having the same vested interest in the check being a secure and convenient payment method for many years to come."
While we may all realize that checks continue to be one of the most popular payment methods, we are told that the goal of CPSA is to take a leadership role to ensure that checks continue to be appreciated as a low cost and safe payment method as well.
"The recent redesign and name change of our association will make a significant impact on our goal to see that the paper-based payment system remains Americaís favorite way to pay," says CPSA First Vice President Dale Dabbs, President of Checks in the Mail in New Braunfels, Texas. "In order to ensure the check remains the most convenient, cost-efficient, and secure method of payment, we must engage all parties who participate in the paper check payment process óretailers, financial institutions, check verification companies, and many others. It will be exciting to see the impact our new association will have on the check payment system."
CPSAís first annual meeting since the reorganization will be held April 18-21, 1999, in Amelia Island, Florida and will be focused on the future of the check in the payment system as we enter the next millennium. If you have never had the pleasure of hearing Dr. Allen Lipis deliver his "Hail to the Check" speech, you should consider attending. I will also be doing a presentation on the evolution of the check.
CPSA can be contacted at (202) 857-1144.
