New Payments Platform Australia (NPPA), a joint venture between the Reserve Bank of Australia and 13 domestic banks including ANZ, Westpac, and NAB has filed a lawsuit in an Australian court against Ripple Labs Inc. for trademark infringement.
The plaintiffs allege that Ripple Labs copied its registered PayID brand and use it to offer related services without permission or license.
The plaintiffs reportedly said that NPPA’s service has been in existence for more than two years, helping to facilitate instant payments across 68 million Australian bank accounts through its PayID brand.
The plaintiffs reportedly said that the defendant launched its cross-border payment service in June 2020 in partnership with 40 businesses and named it PayID.
The plaintiffs reportedly said that the defendant’s service is clearly identical to the NPPA PayID registered trademark and also similar in services offered.
The plaintiffs allege Ripple’s PayID may also be used to facilitate illegal activities such as money laundering, terrorism financing, and human rights abuse.
The plaintiffs allege that the defendant has caused lots of damages, confusion, and infringed the local Trademarks Act and constitutes misleading and deceptive behavior under Australian Consumer Law and the Australian Securities and Investment Commissions Act.
NPPA is seeking both damages and a permanent injunction preventing Ripple from using the PayID brand in Australia.
The case is ongoing.