Another invention of Western Union - time synchronization. In 1914 Western Union engineers invented the first payment card - a prototype of the modern credit card. In 1991, Western Union has sold some low-profit division of the company AT & T, GM Hughes Electronics, and to some others. In the same year the company changed its name to New Valley Corp. Western Union provides consumers and businesses with fast, reliable and convenient ways to send and receive money around the world, to send payments and to purchase money orders.