Over 80 000 US dollars for SWIFT trademark use.

Launching the new ChronoSwift application at the end of last year, ChronoPay processing company can be found guilty of International organization SWIFT trademark infringement. ChronoPay now faces the choice: to invent a new name for the already running ChronoSwift app or pay over 80 000 US dollars compensation to International organization SWIFT. 

Russian company has learned about trademark infringement from the letter sent by SWIFT official representatives in Russia. The letter also says that the use of registered trademark as the name of service after March 10 will cause the rightholder protecting their rights by the administrative and court proceedings.

ChoroPay company in its turn has filed the claim to the Intellectual Property Rights Court requesting the early termination of SWIFT trademark legal protection in Russia.

Intellectual Property Rights Court can uphold the plaintiff’s claim as trademark registration by international company is not used in Russia in respect of services rendering by ChronoPay company.

Representatives of ChronoPay company say they hope for another outcome – international company SWIFT will willingly terminate legal protection of the trademark in Russia in respect of services rendering by ChronoPay company.