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 In 1914 Western Union engineers invented the first payment card - a prototype of the modern credit card. Western Union for more than 130 years provides money transfer services to its customers.