Tánaiste Congratulates Kerry Financial Services Firm On Israeli Contract Win

Tánaiste and Minister for Enterprise, Trade and Employment, Mary Harney today (Thursday, 23rd September 1999) congratulated Monex Financial Services Ltd on winning the state contract for processing multi-currency transactions including VAT refunds at over 2,000 retails outlets in Israel. The contract for the licensing arrangement was signed in Dublin today.

Israel’s VAT refund system differs from the European model since every visitor to Israel qualifies for VAT refunds at the point of purchase. In Israel, Monex has licensed Change Place Ltd., a local financial services company, to operate its multi-currency system which allows for ‘real time’ processing of VAT refunds and charge cards, and the conversion of cash, travellers cheques and bankers cheques.

Last May the Tánaiste announced a 36 new jobs £1.3m expansion by Monex, in which Enterprise Ireland has taken a 10% stakeholding as part of its programme of encouraging and supporting high potential start-ups.

Congratulating the company the Tánaiste said “Monex Financial Services Ltd is an excellent example of a growing number of high potential start up companies that continue to make a very significant contribution to the overall economy. Monex has successfully identified opportunities for strategic partnership to grow their sales and develop new products and markets. The importance of developing more new Irish owned businesses that are capable of competing internationally and generating significant export earnings cannot be exaggerated.”

Innovative software and technology, developed by Monex in the past two years gives the company a multi-currency transaction capability with some unique features which is now attracting financial services industry interest internationally. Monex’s new multi-currency point of sale service (M-POS), allows retailers to offer customers the simple option of having their purchase charged to their home currency at the point of purchase at the exchange rate of the day, at no cost to the customer.

"This innovative capability eliminates the wait of up to a month or more before the international traveller sees the cost of purchase on his or her credit card statement, making trans-national credit card use a much more customer friendly experience than heretofore," says Monex Chief Executive, Mr. Frank Murphy.

The Israeli success follows on from the appointment of Monex by Nat West Bank last May to provide ‘real time’ processing for the bank’s global multi-currency credit card transaction business. Nat West and Ireland’s AIB, for whom Monex also provides extensive multi-currency credit card processing services are the world’s leading multi-currency credit card transactors.

Since the beginning of this year Monex has also signed up for the provision of pan-European multi-currency credit card processing for car rental companies including Hertz, Budget and Europcar and according to Mr. Murphy "the company is currently in negotiation for a number of other major global contracts."

Monex is currently the world’s only provider of the technologies supporting ‘real time’ multi-currency credit card transactions. The company has also opened a sales office in London, managed by Monex director Ms. Niamh O’ Neill, to begin the process of actively selling its capability to a target UK and international merchant market.

Commenting on Monex’s success to date Mr Gerry Murphy, Director, Industrial Products and Europe said “Supporting the creation of entirely new, fast growth businesses is a major priority for Enterprise Ireland. .The economic environment for high potential start-up’s in Ireland continues to be very positive and we will be placing more emphasis in future on encouraging and assisting Irish entrepreneurs set up new businesses with significant growth and export potential. We have a dedicated multi disciplinary team in place that can work with potential entrepreneurs to assist them develop their concepts into commercially viable business plans.