Australian Payments Firm Sues Ripple for Use of PayID Trademark
A major Australian financial services firm is suing U.S. blockchain company Ripple Labs over allegations of trademark infringement.
- In a court document filed Friday in the Federal Court of Australia New South Wales Registry, New Payments Platform Australia (NPPA) claims Ripple breached Australiaâs Trade Marks Act (1995) and the Australian Consumer Law with the unauthorized use of its brand and trademark âPayID.â
- NPPA asserts theÂ PayIDÂ brandÂ was launched in Australia in February 2018Â backed byÂ an AU$3.3 million advertising campaign, and that it has worked since to develop the brand.
- However, in June NPPA CEO AdrianÂ Lovney found Ripple had launched a similar PayID-branded service in Australia as part of its Open Payments Coalition (OPC) with 40 partners globally.
- Three out of the 40 companies in Rippleâs OPC are based in Australia: FlashFX, BTC Markets and Independent Reserve, per the filing.
- Lovney claims there is evidence that the three exchanges âincorrectly believedâ there was an association between services offered by the NPPAÂ and those offered by RippleÂ under theÂ PayIDÂ trademark.
- PayID is usedÂ by NPPAÂ to identify the its service and the account proxies that form part of its inter-banking services.
- It enables customers to create their own unique identifier that can be linked with their financial institution by an email address, mobile number or Australian Business Number.
- NPPA said 5 million PayIDs had already been registered and that it already comprises an important part of Australiaâs NPP â a payments platform developed and operated by NPPA.
- Justice StephenÂ Burley ruled Friday that NPPA may serve Ripple notice outside of Australia.
- NPPA is a joint venture public company mutually owned by 13 of Australiaâs largest financial institutions including the Reserve Bank of Australia, ANZ Bank, Westpac and Commonwealth Bank among others.
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