Western Union observes 125th anniversary of money transfer service.ENGLEWOOD, Colo.--(BUSINESS WIRE)--Nov. 20, 1996-- Money-by-Wire: 1871-1996 Western Union Financial Services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. , Inc., a unit of First Data Corporation, is marking a historic milestone: the 125th anniversary of the inauguration of consumer rapid money transfer service. Introduced by Western Union in 1871, the concept of "wiring money" has become part of the American way The American way of life is an expression that refers to the "life style" of people living in the United States of America. It is an example of a behavioral modality, developed from the 17th century until today. of life. This year the company will handle more than 30 million money transfer transactions, providing for the instant transfer of funds within the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and among 130 other countries around the world. "Money-by-wire and the other innovative services introduced by Western Union in the 19th century were the early forerunners that blazed the trail for the era of global electronic commerce now unfolding," said Doug McNary, President, Western Union North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. . "The Western Union pioneers who started this business established a tradition of extraordinary service that First Data Corporation is carrying forward into the new millennium as the world's pre-eminent provider of information and transaction processing Updating the appropriate database records as soon as a transaction (order, payment, etc.) is entered into the computer. It may also imply that confirmations are sent at the same time. Transaction processing systems are the backbone of an organization because they update constantly. services -- converting information into value," said McNary. Money transfer was begun by Western Union as an adjunct to the telegram service, which the company had been offering since its founding in 1851. It was an early example of a value-added service A value-added service (VAS) is a telecommunications industry term for non-core services or, in short, all services beyond standard voice calls and fax transmissions. , utilizing the company's nationwide network of telegraph lines and public offices to move cash quickly from a sender with funds to a distant recipient in need. Usage of the new service was modest for the first few decades, but the idea of "wiring money" gained popularity during World War I as anxious relatives turned to this quick and convenient means of sending funds to their "boys in uniform" at military posts throughout the United States and in Europe. Money transfer service continued to be an important and visible, although not major, component of Western Union's business for the next 60 years. Then, in the 1980s, the company undertook a comprehensive modernization and expansion of the money transfer service while divesting its other operations. Transaction processing was computerized, public access was greatly improved and a ubiquitous network of Western Union agent locations was established -- replacing the company offices of earlier eras. And, the time required to complete a money transfer was reduced from a few hours to a few minutes. Today Western Union Financial Services, as its name suggests, is totally focused on money transfer and related services. With a modern infrastructure in place, a worldwide network of more than 30,000 agent locations and a strong, enduring brand identity generating broad public awareness and support, the growth of Western Union Money Transfer Service is accelerating. Transaction volume more than tripled over the past decade, from nine million in 1986 to 28 million in 1995. New applications of the basic money transfer service have helped to fuel that growth, including Western Union Quick Collect(R), which allows creditors to receive timely payment on past-due accounts and debtors to avoid costly penalties. "For 125 years people with urgent financial needs have trusted Western Union to transfer funds quickly, conveniently and reliably," McNary added. "That trust is a legacy that we intend to nurture and build upon as First Data expands its payment services business in the global marketplace of the future." Western Union Financial Services, which became a subsidiary of First Data Corporation in 1995, provides money transfer services throughout the world. It also provides bill-payment and other financial services to consumers and businesses in the United States. First Data Corporation (NYSE NYSE See: New York Stock Exchange : FDC FDC - Floppy Disk Controller ), which reported $4.1 billion in revenues in 1995, provides information processing information processing: see data processing. information processing Acquisition, recording, organization, retrieval, display, and dissemination of information. Today the term usually refers to computer-based operations. and payment services to financial institutions, merchants, insurance companies, health care providers, government agencies, public utilities and consumers in the United States and throughout the world. Western Union Financial Services Time Line 1851 The New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of and Mississippi Valley Printing Telegraph an electric telegraph which automatically prints the message as it is received at a distant station, in letters, not signs. See also: Telegraph Company, Western Union's predecessor, is formed by a group of businessmen in Rochester, NY. 1856 Name changes to The Western Union Telegraph Company Western Union Telegraph Company, enterprise created (1851) to provide telegraphic communications services in the United States. Originally known as the New York and Mississippi Valley Printing Telegraph Company, Western Union (as it was renamed in 1856 after a series , signifying the union of "western" telegraph lines with eastern lines into one system, following acquisition of a series of competing telegraph systems. 1861 Western Union completes the first transcontinental telegraph The First Transcontinental Telegraph was a milestone in the formation of the United States. It served as the only method of near-instantaneous communication between the east and west coasts during the 1860s. line, providing fast communications during the Civil War. 1866 Introduced stock tickers Stock ticker A letter designation assigned to securities and mutual funds that trade on US financial exchanges. , providing brokerage firms with New York Stock Exchange quotations. 1870 Launched Western Union time service, which helped standardize time nationally. 1871 Introduced Western Union Money Transfer service. 1884 Named one of the original 11 stocks in the first Dow Jones Dow Jones the best known of several U.S. indexes of movements in price on Wall Street. [Am. Hist.: Payton, 202] See : Finance Average. 1914 Introduced the first consumer charge card. 1920 Telegraphed first pictures across the ocean from England to America on Western Union undersea cable. 1923 Introduced teletypewriters, joining branches and individual companies. 1933 Introduced Singing Telegrams singing telegram Noun 1. a service by which a person is employed to present greetings to someone on a special occasion by singing 2. the greetings presented in this way 3. the person who presents the greetings . 1935 Introduced first intercity facsimile service. 1945 Pioneered the first commercial intercity microwave system. 1958 Introduced telex, a direct-dial customer-to-customer teleprinter teleprinter Telegraphic instrument that was used for much of the 20th century to transmit and receive printed messages and data via telephone cables or radio relay systems. Teleprinters (or teletypewriters) became common for commercial use in the 1920s. service. 1964 Inaugurated transcontinental microwave radio beam system, replacing poles and wires that spanned the continent. 1970 Introduced Mailgram(R) messages, delivered next day via postal service. 1974 Launched Westar I, America's first domestic communications satellite. 1982 Became the first company with five satellites in orbit. 1987 Completed a comprehensive financial restructuring. 1989 Introduced Quick Collect(R), a system for creditors to secure fast collection of delinquent accounts via flat-rate money transfers. Began rapid money transfer service outside North America. 1990 Recapitalized the company. Began money transfer service to Canada. 1991 Entered joint venture with a Russian bank Noun 1. Russian bank - solitaire with two players using separate packs crapette patience, solitaire - a card game played by one person to provide money transfer service between U.S. and Russia. 1992 Introduced Western Union(R) Money Orders. 1993 Introduced "Dinero en Minutos ("Money within Minutes"), making funds available in Mexico minutes after they are sent from the U.S. Introduced Western Union(R) Phone Card(SM), the first branded, pre-paid and disposable telephone card offered nationwide. 1994 Western Union Financial Services, Inc. acquired by First Financial Management Corporation. 1995 First Financial Management Corporation merges with First Data Corporation (NYSE: FDC). Western Union Financial Services, Inc. becomes a First Data Corporation subsidiary. 1996 Western Union headquarters moves from Paramus, NJ to suburban Denver, Colorado. CONTACT: Sims & Associates, Inc. Idan Sims, 212/725-3838 or First Data Corporation Joanne Lisa, 303/889-6236 REPEATS: New York 212-752-9600 or 800-221-2462; Boston 617-236-4266 or |
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