Western Union has taken of 451st position in the rating Fortune 500 in 2009, having moved from 473rd line in 2008. In 1988, the company undertook a massive reorganization in response to rapidly changing business conditions. In particular, this need has arisen due to many technological changes that have taken place at that time. Company name was changed from Western Union Telegraph Co. to Western Union Corp. In the 30's of the twentieth century, Western Union has become the world's largest telegraph company. As a result of 2011, net income of Western Union has increased by 28% to $ 1.165 billion, the company reported. In the early 60s Western Union has put into operation transcontinental microwave system of data transmission via radio waves, completely replacing the web of telegraph poles and wires. In 1995, First Financial Management was acquired by First Data Corp. (the deal amounted to $ 7 billion), and Western Union Financial Services became a subsidiary of First Data. Money transfer is a matter of minutes, at any distance. In October 1871 the company has implemented the world's first telegraph money order. After a century money transfers have become a major source of income for Western Union. In 1914 Western Union engineers invented the first payment card - a prototype of the modern credit card.