In the 30's of the twentieth century, Western Union has become the world's largest telegraph company. Another invention of Western Union - time synchronization. In October 2006 the company made an initial public offering of shares on the New York Stock Exchange, becoming independent from First Data company. Payment systems are one of basic elements of infrastructure of e-commerce. You do not need to open a bank account, so you can send or receive money in any of the 170 000 service points of Western Union around the world. 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 1856, in 7 years after the foundation of New York State Printing Telegraph Company, the company changed its name to Western Union Telegraph Company. Sibley, the founder of Western Union, did not build a new telegraph lines, and persuaded the other players to join. American Telegraph Company, however, still had to buy it.