The Irish firm will roll out its multi-currency treasury management software systems to Hertz corporate countries in Europe.

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. 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.

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

 

Commenting from Hertz, Michel Taride, President of Hertz International, said: "Partnering with Monex allows us to bring their world-class experience in currency conversion to our offering. The Monex contract will provide Hertz with further efficiencies in managing our back office foreign exchange management processes."

 

Monex Chief Executive Frank Murphy, added: "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. 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."