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 the 30's of the twentieth century, Western Union has become the world's largest telegraph company. Money transfer is a matter of minutes, at any distance. In October 2006 the company made an initial public offering of shares on the New York Stock Exchange, becoming independent from First Data company. 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. Western Union incomes for 2007 have made $4,9 billion US dollars, and the quantity of transactions has made 572 million.