Arca Swiss is a brand that makes large format cameras and tripod heads. They popularized the quick release clamps so now the standard is "Arca Swiss compatible."
Your item is an Arca Swiss compatible screw clamp. It would not work mounted to the top of your monopod as the screw is too large and long. The screw clamp is for mounting to a head. The best heads for monopods are simple tilt heads, some of which come with an integrated Arca compatible clamp.
This is the least expensive Arca compatible tilt head for a monopod that I know and it should work fine:
Benro tilt head This is a really nice one that would be overkill:
Kirk tilt head