In October 2006 the company made an initial public offering of shares on the New York Stock Exchange, becoming independent from First Data company. Payment systems are one of basic elements of infrastructure of e-commerce. In 1879 Western Union left the telephone business after losing a lawsuit against Alexander Graham Bell - the patent holder on the phone. In 1849, Selden and Sibley, the founders of the future Western Union, created the New York State Printing Telegraph Company. The Western Union Company uses the most up to date technologies and its unique worldwide computer network that allows to carry out quick money transfers payments in more than 190 countries around the world. In the 1910-1920 years. Western Union is actively engaged in researching, innovating in the field of data transmission.