As a result of 2011, net income of Western Union has increased by 28% to $ 1.165 billion, the company reported. In October 2006 the company made an initial public offering of shares on the New York Stock Exchange, becoming independent from First Data company. 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. Transaction with Fexco has allowed Western Union to control directly more than 10 thousand points of service, which belonged to Fexco in 7 European countries (Spain, UK, Sweden, Ireland, Denmark, Norway and Finland). Western Union made so that the time in all of American civil services was the same.