In the 30's of the twentieth century, Western Union has become the world's largest telegraph company. Most service points of Western Union work in the time convenient for customers throughout the week and throughout the year. Money transfer is a matter of minutes, at any distance. 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.