Leading Australian financial services firm ‘NPPA’ is now suing Ripple Labs over allegations of trademark infringement.
Within a recent official document filed last Friday within the court of Australia New South Wales Registry, NPPA [New Payments Platform Australia] claims that Ripple breached Australia’s Trade Marks Act (1995) and therefore the Australian Consumer Law with the unauthorized use of its brand and trademark “PayID.”
NPPA asserts that the PayID brand was launched in Australia earlier in the month of February 2018 backed by an AU$3.3 Mln ad campaign, and it has been working since to develop the brand.
However, earlier in June this year, NPPA CEO Adrian Lovney found Ripple had launched an identical PayID branded service in Australia as a part of its Open Payments Coalition [OPC] with 40 partners globally.
Around 3 out of the 40 companies in Ripple’s OPC are based in Australia: FlashFX, BTC Markets and Independent Reserve, per the filing.
Lovney claims there’s evidence that the three exchanges “incorrectly believed” there was an association between services offered by the NPPA and the those offered by Ripple under the PayID trademark.
PayID is employed by NPPA to spot the its service and therefore the account proxies that form a part of its inter-banking services.
It permits users to make their own unique identifier which will be linked with their financial organization by an email address, mobile number or Australian Business Number.
NPPA added that around 5 Mln PayIDs had already been registered and that it already comprises as an important part of Australia’s NPP – a payments platform developed and operated by NPPA.
Justice Stephen Burley ruled Friday that NPPA may serve Ripple notice outside of Australia.
NPPA is a venture public company mutually owned by 13 of Australia’s largest financial institutions including the Federal Reserve Bank of Australia, ANZ Bank, Westpac and Commonwealth Bank along with others.