Money transfer services to continue in Cayman Islands

Three money transfer services have struck an eleventh hour deal to continue offering remittance services in the Cayman Islands, thereby averting a shutdown.
   
Jamaica National Money Transfer, MoneyGram, and Quik Cash have all made new arrangements to stay in business.
   
The money service businesses will remain under the oversight of  the Cayman Islands Monetary Authority (CIMA).
   
Uncertainty plagued the money transfer business in the Cayman Islands, following a sudden closure of  Western Union by Fidelity Bank in early July. The companies had been given a deadline of August 31 to make new banking arrangements.
   
A remittance report released last year by the CIMA revealed that  Jamaicans send home more money than any other group of foreign nationals living in the Cayman Islands.