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 is a leader in global payment services 1970 - a new service called The Western Union Company is a financial services and communications company based in the United States. In 1849, Selden and Sibley, the founders of the future Western Union, created the New York State Printing Telegraph Company.