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. The Western Union Company is a leader in global payment services The Western Union Company is a financial services and communications company based in the United States. In October 1871 the company Western Union began to provide money transfer services, drawing on its own extensive telegraph network.