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13 Australian banks filed ...

13 Australian banks sue Ripple for name theft
CONTENT

  • Ripple PayID is banned in Australia

  • Ripple "stolen" payment service name

  • The company aims to replicate Amazon’s success

International consortium of news organizations developing transparency standards.

The New Payments Platform Australia (NPPA) payment platform, which is a joint venture between the Reserve Bank of Australia and 13 local banks, says Ripple copied their Pay ID trademark.

13 Australian banks filed ...

Court banned Ripple services in Australia

The real scandal unfolded around two payment platforms that are successfully operating in Australia. NPPA, a joint venture between the Reserve Bank of Australia and 13 other banks such as ANZ, NAB, CBA, Westpac and RBA, has sued one of the blockchain giants Ripple for stealing the service’s name. Recall that in 2018 NPPA launched the PayID payment service, which allows you to speed up payments between customers. In fact, the service associates a phone number or email address with a customer’s account and allows almost instant payments using a PayID number. 5 million users became PayID users, and the daily volume of transactions exceeded $ 1 million.

In June of this year, Ripple, the issuer of the XRP token, launched a similar cross-border payment feature called PayID. Naturally, this angered NPPA, as customers might simply confuse platforms. Representatives of the united organization immediately filed a lawsuit demanding not only to ban the service from Ripple in Australia, but also to compensate for the theft of the trademark.

“Ripple’s services are clearly offered under a mark that is substantially identical or deceptively similar to the registered trademark NPPA PayID and in relation to the same or similar services,” the Age said in a statement..

The NPPA said that using the PayID Ripple service is in violation of the Trademark Law, as well as Australia’s Consumer Protection Law and the Australian Securities and Investment Commission Law. Company officials claim Ripple’s PayID service could “irreparably damage” the NPPA brand and could potentially be used to facilitate criminal activities “such as money laundering, terrorist financing and human rights violations.”.

“There is a real concern that two services operating in the market with the same name would create confusion, opportunities for fraud and fraud and mislead customers into suggesting that the protections applied to the PayID NPPA service also apply to services offered as part of the Open Payments Coalition Banner “, – said NPPA.

A federal court has banned the implementation of Ripple’s PayID service in Australia. The decision on compensation and payment of the fine will be made next week.

Ripple hopes to become a global payments operator

While litigation is underway in Australia, the head of Ripple shares his plans for the development of the project. According to CEO Brad Garlinghouse, the team is going to follow the path of global development and repeat the fate of Amazon. According to the head of the startup, Ripple can become an analogue of Amazon in the crypto space. At the same time, Brad Garlinghouse drew attention to the fact that at the moment the company depends on the success of its XRP cryptocurrency. According to the startup report for the second quarter of 2020, sales of the coin to institutions increased by 1760% (from $ 1.75 million recorded in the first quarter of 2020, to $ 32.55 million).

As BeInCrypto previously reported, the XRP token is gearing up for a massive breakout. In order to strengthen its coin in the market, the company is ready to refocus its work on providing DeFi services to institutional investors. The CTO of Ripple is interested in making RippleNet an integrated platform that can offer the above services in addition to secure, fast and international payments..

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