ChronoSwift

2015: SWIFT requires from ChronoPay to rename ChronoSwift service

SWIFT handled a claim to the Russian processing company ChronoPay about violation of the exclusive rights to the swift trademark. It is said in the letter received by ChronoPay from Soyuzpatent company which calls itself the attorney of SWIFT. Emergence of service under^[1] became a reason for the address^[2].

In the letter it is said that use of this name can mislead consumers concerning the person rendering services and also can be regarded as unfair competition.

Soyuzpatent claims that SWIFT acquired the exclusive rights to the swift trademark on the international registration which work also in the territory of the Russian Federation. According to Rospatent, SWIFT really registered two such trademarks on May 11, 2010. If till March 10 of ChronoPay does not agree to stop use of the word "swift" in the name of the service, SWIFT threatens "use different methods of protection of the violated right – as in judicial, and administratively".

The informational portal PLUSworld.ru received the official statement ChronoPay concerning this situation: "The ChronoPay company confirms a receipt of the letter from Soyuzpatent LLC company about violation of the exclusive rights to trademarks of SWIFT. The ChronoPay company works within the law in the territory of all countries where conducts the economic activity. The ChronoPay company intends to adhere to the same principle also in this situation. "We will study this claim regarding its compliance of the requirement of the legislation in detail and we will provide Soyuzpatent LLC the official answer no later than March 10, 2015. As we initially recognized that the word "Swift" in the Quickly value objectively applicable to the simplified diagram of customer interaction of the company, has no relation to the money transfer system using the similar name, it will not be a subject of a patent dispute". However, if we are convinced of justification of claim requirements, then we will undoubtedly take adequate measures and we will apologize to the company to the owner the Swift trademark, having stopped his use", - Ilya Michkov, the director of legal issues of ChronoPay. The claim of Soyuzpatent LLC company is motivated with use of the word "Swift" (from engl. swift – "fast") in the name of the product ChronoSwift brought to the market by ChronoPay company on December 3, 2014. The specified product means the accelerated connection to small and medium trade Internet platforms of a payment gateway on fasilitatorsky model which allows to organize for TSP "service of one window" within which, ChronoPay undertakes all document flow with merchant acquirers, unlike the traditional scheme of work when the Internet platform implements independent conducting document flow, both with bank, and with payment provider. The ChronoPay company earlier, owing to specifics of a client portfolio which consists mainly of large TSP suspended work on fasilitatorsky model. However, the changed market situation caused restart of a product on the most profitable conditions on the market. Results did not keep themselves waiting long – the commercial department fixes broad interest to ChronoSwift among marketplaces for which the simplified document flow and fast connection of a payment gateway – the most critical parameters. ChronoPay does not review this complaint as attempt of the competing companies to have a negative impact on the product ChronoSwift."

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