Mary Harney, Tánaiste and Minister for Enterprise, Trade and Employment today (Thursday 6th May, 1999) announced the creation of 36 new jobs in Killarney based, Monex Financial Services Ltd (Monex). Enterprise Ireland, is supporting the company through equity investment and has provided significant support to Monex as part of its programme of encouraging and supporting high potential, start-up international services companies, particularly in regional locations such as south Kerry.

The Tánaiste said "this new company has developed an innovative approach to multi-currency credit and charge card processing in partnership with Ulster Bank and its parent company National Westminster Bank PLC (NatWest). NatWest is the UK's leading card processor with a 36% market share and is the world's biggest acquirer of multi-currency credit card transactions.

The success of this new multi-currency point of sale services, or M-POS as it is becoming known, is based on a facility for retailers to offer customers the simple options of having their purchase changed to their home currency at the point of purchase. This service is offered to the customer as a service enhancement and at no cost. The major growth in international travel, which is forecast to continue into the future will contribute to the continued success and growth prospects for this technological innovation and for Monex".

The Tánaiste said that it is vital for continued economic growth that we see more new fast growth start-up companies coming on stream. "These firms will have the capability to trade internationally and will achieve rapid growth in sales and exports leading to sustainable employment here in Ireland" she said.

Welcoming the announcement by the Tánaiste, Brian Quinlan, Director Enterprise Ireland South West Region said that the importance of developing high growth Irish owned start-up companies should not be undervalued. "Companies like Monex will be deeply rooted and provide valuable economic activity particularly in regional locations" he said.

Judith O'Brien, Manager of Merchant Services commented that Ulster Bank are pleased to be associated with this new development in card acquisition which emphasises how the industry continues to move forward in terms of improving the service provided to card users.

According to Steven Reakes, Head of International Merchant Services, NatWest Card Services, "the multi-currency point of sale system developed by Monex is an excellent "value added" service aimed at enhancing customer satisfaction. Monex take away the uncertainty of the true cost of a purchase to the foreign traveller by enabling them to be advised of the final billing amount in their local currency. NatWest looks forward to enhancing its relationship with Monex as we continue to build on our position as the world's leading Multi-currency credit card acquirer".

Frank Murphy MD of Monex explained how he developed the idea as a result of his own international business travel. "It became clear to me that as people travelled more for business or pleasure they would welcome instant information, at the point of purchase, about how much they were spending in their own currency."

While individual transactions are straight forward and involve no additional cost to the purchaser, or to the retailer, the management of the multi-currency back-office systems are complex, involving foreign exchange exposure management and international clearing and funds management, using sophisticated software, developed and owned by Monex.

Frank Murphy is very optimistic about the company's future and added "the very positive reaction from the retail sector and international banking houses, has allowed Monex to already exceed targets in turnover and job creation. Indeed, Monex is now uniquely positioned to capitalise on development in this field."