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. In 2007 the company made 167.7 million transactions on money transfers between individuals and 404.6 million transactions between physical and legal persons. In 1914 Western Union engineers invented the first payment card - a prototype of the modern credit card. Before transition to remittances Western Union company rendered services on sphere of cable communication. In October 1871 the company Western Union began to provide money transfer services, drawing on its own extensive telegraph network.