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Western Union |
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Western Union is one of the most well known financial services and communication company in the united states. The company has its North American headquarters in Greenwood village in Colorado while the headquarters for its international marketing and commercial services is situated in Montvale in New Jersey. Western Union was the best name in United states in the business of exchanging telegrams. The service however is seized by the company in recent times.
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Western Union was Founded in the year 1851 in Rochester New York under the name The New York and Mississippi Valley Printing telegraph. The company acquired many of its competitors and Changed its name to Western Union Telegraph Company in t year 1856. the company had its first transcontinental telegraph line in the year 1861. the company also formed the Russian American Telegraph in the year 1865. Western Union introduced stock ticker in 1866 as well as a standardized time service in 1870.
Western Union introduced the money transfer service through its telegraph business in the year 1871. In 1879 having lost its patent rights to Bell Western Union left the telephone business and made telegraph and hence money transfer its main business.
In the year 1914 Western Union offered the first charge card to the consumers. In 1923 the company began to use the teletypewriters to join the branches of the Company. Singing telegrams and fax was also introduced before the 1940 by the company. In 1958 Western Union offered telex to the consumers.
Western Union was th first telecommunication corporation of America that had its own fleet of geosynchronous communication satellites. The company acquired many companies an introduced several other important services.
With the emergence of Internet Western Union started giving on line service which made the money transfer fast ad easy. Apart from these Western Union in United States offers many other telecommunication services like:
- Common carrier terrestrial microwave networks
- Long distant telephone services
- Satellite telecommunication
At present Western Union has several divisions like money transfer, money order as well as other commercial services. It has more that 270000 agent locations in more that 200 countries around the world.
To know more about Top Financial Groups of the World keep reading businessplanningxl.
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