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 - the American company, specialising on granting of services of monetary intermediary. Western Union was founded in 1851. The company is one of leaders in the market of the international remittances. Western Union offers one of the easiest ways for families and friends to send money and stay connected almost anywhere in the world. In 1877, starting from September, New York City residents began to have the opportunity to check the time on clock with the "time ball", located on the roof of constructed in the same year a new corporate headquarters - Western Union Building. In 1995, First Financial Management was acquired by First Data Corp. (the deal amounted to $ 7 billion), and Western Union Financial Services became a subsidiary of First Data. The Western Union Company is a leader in global payment services One of the common kinds of money transfer is a transfer via the international system of Western Union. In October 1871 the company Western Union began to provide money transfer services, drawing on its own extensive telegraph network. Number of active holders of "Golden Card" of Western Union amounted to 9.5 million people worldwide. 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.