Australian banks bring legal proceedings against crypto giant Ripple

A payments platform owned by Australian banks and the Reserve Bank of Australia has brought legal proceedings against Ripple Labs, alleging the cryptocurrency giant has copied its brand.

San Francisco-based Ripple uses cryptocurrency for cross-border payments and in June the company, which is valued at over $US10 billion ($14 billion), launched a crypto-based "PayID" service with 40 partners.

However, the launch of Ripple's PayID service in Australia is being challenged by the New Payments Platform Australia (NPPA), a company owned by 13 Australian banks including ANZ, NAB, CBA, Westpac and the RBA, which has commenced legal proceedings in the Federal Court.

The NPPA launched its PayID service in February 2018 to enable instant payments between 68 million Australian bank accounts using identifiers like phone numbers, email addresses or ABNs instead of a BSB or account number.

In its concise statement filed with the court last week the NPPA states its PayID service was well established with more than five million PayID's registered by customers and more than one million payments made each week to a PayID."

Ripple's service is clearly offered under a mark that is substantially identical with or deceptively similar to the NPPA PayID registered Trade Mark and in relation to the same or similar services," the statement claims. 

Read the full topic at

https://www.smh.com.au/technology/australian-banks-bring-legal-proceedings-against-crypto-giant-ripple-20200827-p55pu7.html

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