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. In October 1871 the company has implemented the world's first telegraph money order. After a century money transfers have become a major source of income for Western Union. 1970 - a new service called In 1849, Selden and Sibley, the founders of the future Western Union, created the New York State Printing Telegraph Company. Western Union for more than 130 years provides money transfer services to its customers.