The first offices of company were located in the Reynolds Arcade building in Rochester, New York. The sign above the main entrance to the building - In 1914 Western Union engineers invented the first payment card - a prototype of the modern credit card. 1998 - the number of points of money transfers worldwide reached 50,000. The network of money transfers of Western Union is the world's largest. The Western Union Company is a financial services and communications company based in the United States. Thanks to cooperation with Western Union the Associated Press at the end of the XIX century took almost monopolistic position in the U.S. market news. In October 2006 the company made an initial public offering of shares on the New York Stock Exchange, becoming independent from First Data company.