2020-8-27 17:55 |
An Australian financial services firm, known as New Payments Platform Australia (NPPA), has sued Ripple Labs over a trademark infringement allegation that involves the PayID brand.
The lawsuit, which was filed last week in a federal court in New South Wales, alleges that Ripple Labs infringed on Australia’s Trademarks Act of 1995 as well as the country’s consumer law for the usage of the PayID trademark brand.
NPPA is a consortium that was founded by 13 banks, consisting of the Reserve Bank of Australia, Citi, ING, ANZ, and HSBC. The firm controls a remittance network within Australia, allowing for real-time payments among customers from various banks.
NPPA states that it launched the PayID brand in February 2018 and used about AU$3.3 million for an aggressive advertising campaign to make the platform mainstream. More than 90 small and large Australian banks, including other financial institutions, have so far joined the platform.
Adrian Lovney, NPPA’s CEO, states that he found out that Ripple, in June, introduced a similar PayID branded platform in Australia in line with the giant payments Open Payments Coalition and has partnered with about 40 companies across the world.
The court paper also alleges that 3 of the 40 partners within Ripple’s OTC are located in Australia, including BTC Markets, FlashFX, and Independent Reserve.
Lovney alleges that there is evidence to suggest that the three Australian firms wrongly believed that there was a connection between the services provided by the NPPA and those offered by Ripple, as per the PayID trademark. The lawsuit explains:
“PayID is the brand, name, and trademark used by NPPA to identify both the NPP’s Addressing Service and the account proxies/aliases that form part of the Addressing Service.”
According to NPPA, about 5 million PayIDs have so far been registered, which forms a crucial part of Australia’s NPP, a platform designed and managed by NPPA.
The court has already given NPPA the greenlight to serve Ripple Labs a notice outside of Australia.
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