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. Leaving the idea of expansion into Europe, Western Union took up the expansion of services in the U.S. market. By 1861 Western Union telegraph lines entangled the whole America. It's time to explore Europe. You do not need to open a bank account, so you can send or receive money in any of the 170 000 service points of Western Union around the world. In 1933, by the Western Union Company were invented "singing telegrams". In 1914 Western Union engineers invented the first payment card - a prototype of the modern credit card. Western Union incomes for 2007 have made $4,9 billion US dollars, and the quantity of transactions has made 572 million. 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. The Western Union Company is a financial services and communications company based in the United States.