Another invention of Western Union - time synchronization. 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 1849, Selden and Sibley, the founders of the future Western Union, created the New York State Printing Telegraph Company. In October 1871 the company Western Union began to provide money transfer services, drawing on its own extensive telegraph network.