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. In 1935, Western Union has put into operation first intercity fax communication. In October 2006 the company made an initial public offering of shares on the New York Stock Exchange, becoming independent from First Data company. 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 made so that the time in all of American civil services was the same.