Killarney firm to create 14 software jobs through Hertz deal

25 Jan 2010

Killarney currency processing player Monex is to create 14 new software jobs on the back of securing a major multi-currency treasury-management deal with car hire firm Hertz across Europe.

Monex will out its multi-currency treasury-management software systems to Hertz corporate countries in Europe. The deal is expected to provide Hertz with further efficiencies in managing their foreign exchange management processes for the ultimate benefit of customers.

The agreement with Hertz brings Monex’s expertise and the sophistication of a foreign exchange dealing room to each car rental payment at the counter by Hertz Europe customers travelling in Europe.

What Monex’s CPCC software can do

Monex’s Customer Preferred Currency Conversion (CPCC) software enables Hertz customers to convert their credit-card transactions into the currency of their card at the point of payment, giving them real-time price transparency.

Monex, who are the global leader in multi-currency and card processing, will now add 1.5 billion to its annual throughput on behalf of global clients. More than 46 million individual credit-card transactions are facilitated through the Killarney office for clients including Ryanair, Ritz Carlton Hotels and the Dublin Airport Authority.

“The Hertz deal is an important contract for Monex as it associates our service offering with another major blue-chip global business and internationally recognised customer brand,” said Monex chief executive Frank Murphy.

“Monex has set itself ambitious targets for new business development across our prime target market, the international hospitality and travel sector. The Hertz contract will further reinforce our position as the leading provider of foreign currency management systems to international businesses in the sector. I’m confident that the Monex service will have a very positive impact on the Hertz business and its customers.”

The service to Hertz will be rolled out over three phases. Phase one has already commenced and includes treasury management, foreign exchange dealing, forward contracts, hedging contracts.

What it means to Hertz to partner with Monex

With the Hertz deal, a total of 14 Monex jobs will be created over the life of the contract in Ireland and other countries.

“Partnering with Monex allows us to bring their world-class experience in currency conversion to our offering,” Michel Taride, president of Hertz International explained.

“The Monex contract will provide Hertz with further efficiencies in managing our back office foreign exchange management processes.”

Monex has established itself as one indigenous Irish company that has bucked the current economic trends. Last year, it announced it had signed a licensing agreement with ICICI Bank, India’s second-largest bank, to provide its currency conversion software to the bank. ICICI processes more than €700 million in credit-card transactions per annum.

That deal culminated a very successful 24-month expansion program across the Asian market which achieved a number of significant client wins, including AirAsia, Bank of Asia, Bangkok Airways, Bank of China, Shangri-La Hotels and the Thai Military Bank. It now has 40pc of the multi-currency credit-card processing business across the continent.

Monex software at Dublin airport

Earlier in 2009, it signed a licensing agreement with the Dublin Airport Authority to provide its software to the DAA’s range of three duty-free shops which process €60 million per annum in credit-card transactions each year. Plus it has entered into another five-year contract with Ryanair, licensing its software to process €2 billion per annum in credit-card transactions.

“The fact that Monex has acquired such a significant contract underlines the expertise the company has acquired in this area,” the Minister for Foreign Affairs Micheál Martin TD, explained.

“As a former Minister for Enterprise, Trade and Employment, I am very familiar the work of the company and the high regard which it is held internationally.

“All the team at Monex deserve to be congratulated for becoming a leader in their field. With over 46 million credit-card transactions facilitated through Killarney it is clear that the investments made in technology and training are continuing to deliver jobs for the local community and elsewhere,” Martin said.

By John Kennedy

Photo: Frank Murphy, CEO Monex Financial Services; Jo Noonan, business development director Monex Financial Services; Michael Martin TD, Minister for Foreign Affairs, and Chris Maxwell, director of business development at Monex

John Kennedy is a journalist who served as editor of Silicon Republic for 17 years