International Business / The Pacific

Japan Banks Challenge Patent Sought by Citicorp: The banks contend the patent on electronic monetary systems sought by Citibank’s parent company would be so broad that it would impinge on their ability to develop a wide range of electronic services, executives of Mitsubishi Bank and Fuji Bank said. Such systems allow customers to buy palm-size cards that can be used like cash. A Mitsubishi executive said Citicorp applied for a “concept patent” that lacks specific descriptions. Dai-Ichi Kangyo Bank and Sakura Bank also issued objections.