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. In 1879 Western Union left the telephone business after losing a lawsuit against Alexander Graham Bell - the patent holder on the phone. The Western Union Company is a financial services and communications company based in the United States. Western Union provides consumers and businesses with fast, reliable and convenient ways to send and receive money around the world, to send payments and to purchase money orders. Western Union for more than 130 years provides money transfer services to its customers.