Monex first pioneered the Dynamic Currency Conversion (DCC) process in the mid 1990’s. The following information traces the landmark moments of the Monex story from its inception, detailing the Company’s steady growth to it’s current activities. Monex receives transactions from 50 countries and displays a substantial market impact within the payment Industry today. See below: Monex history timeline highlights.
1997
History Highlights: Monex Financial Services is created. The founding team perfect Monex Dynamic Currency Conversion (DCC) and Multi-Currency systems for integration with acquirer and processing clientele.
First client, Hertz, goes live offering Monex DCC at it’s retail counters on POS devices.
1998 – 2000
History Highlights: Monex collaborates with Visa to establish DCC rules. Monex DCC goes live at London Heathrow Airport. Monex begins processing payments for VAT refund companies and adds Middle East clients to its growing portfolio. DCC proving popular with car rental customers of Budget and Europcar. New USA and UK relationships established with Chase Merchant Services, RBS and Citizens Bank for DCC delivery. Monex onboards its first airline client Ryanair in record integration time.
2001 – 2005
History Highlights: Monex becomes the First DCC payment provider globally to achieve accreditation for PCI DSS. Transaction processing value reaches in excess of EUR5 billion. Mastercard acknowledge Monex DCC services. Launch of next-generation “Revenue+” platform for DCC & MCP. Business in Asia ramps up with new contract with Bank of China. DCC rolls out in Macau’s casino world. New office established in Shanghai. Royal Caribbean becomes first cruise -line client.
2006 – 2010
History Highlights: Monex IT is focuses on software innovation delivering DCC for ATMs and have developed a new Treasury Management Platform.
Processing values reach a new high of EUR10 billion
Monex now receives transactions from 26 countries.
2011 – 2015
History Highlights: Monex supplies FX rates to Fortune 500 Companies. New offices in California for US market expansion followed by Abu Dhabi office supporting a growing ME client base including Qatar National Bank and Aldeasa Duty Free, Jordan and EMPME. FirFly car rental joins the client portfolio. Transaction processing reaches EUR20 billion from 45 countries. New clients SIBS rolls out Monex DCC across it’s Portuguese ATM network. Monex joins Taoiseach on Irish Trade to US, announcing partnership with Switch Commerce, rolling out DCC across it’s substantial ATM network, including top Las Vegas locations. VAT refund business continues to expand with UK clients UShop Tax Free.
2016 – 2018
History Highlights: A growing airline portfolio welcomes Malindo Air to its eCommerce sector. Qatar National Bank Alahli and Bank of Madives rolls out DCC across their POS networks.
Monex now delivering DCC on ATMs across the Nordic region.
Enhanced technology development roll out to long-standing airline client, Ryanair.
Launch of Monex Scholarship Program offering financial assistance to selected candidates attending Cork University Business School (CUBS)
Monex opens Dubai office. to support growing Middle East and Africa markets.
2019
History Highlights: Monex continues its marketing and client activities throughout US, Middle East and Asia.
Interest continues in DCC and FX revenue opportunities and Monex presents at international conferences.
Monex process transactions valued at EUR42 billion and we now receive transactions from 50 countries.
2020
History Highlights: Business expansion activities continue across 4 continents for POS, ATM and eCommerce. Although the travel sector is decimated by the impact of Covid-19, Monex continues it’s business development activities and focuses on it’s eCommerce client partnerships.
Monex commences a new partnership with UK based APEXX Global.
2021
History Highlights: Monex continues to expand it’s activities globally, increasing it’s team to facilitate growth.
Monex History Timeline Highlights