Category Archives: The Western Union Company

The Western Union Company – History

Western Union was founded in 1851 as the New York and Mississippi Valley Printing Telegraph Company.

The company changed its name to Western Union in 1856 to mark the consolidation of several telegraph lines in what was then the Western-most reaches of the American telegraph system.

Western Union completed the transcontinental telegraph line across North America in 1861. The first stock ticker was introduced by Western Union in 1869.

Western Union introduced money transfer in 1871.

Western Union introduced the consumer charge card in 1914. In 1933, Western Union delivered the first singing telegram.

Western Union started the commercial inter-city microwave communications system in 1943.

The commercial satellite in the US was introduced by Western Union in 1974.

In 1993, Western Union introduced the prepaid, disposable telephone card.

Western Union Financial Services, a subsidiary of the company, completed the purchase of a 30 percent equity interest in Finint, one of Western Union’s authorized agents in Italy in 2005.

In January 2006, Western Union signed an exclusive agreement with Travelex for money transfer services.

Western Union Financial Services, a subsidiary of the company, made a strategic relationship with Bank Al Bilad of Saudi Arabia to provide money transfer services to its customers in Saudi Arabia in February 2006.

The Western Union Company acquired Servicio Electronico De Pago (SEPSA) in December 2006.

The company made an agreement to offer Western Union Money Transfer services via Caixa Galicia’s offices in Spain in May 2007.

In November 2007, Western Union acquired 25% Stake in GraceKennedy’s Remittance, Cambio and Bill Payments Businesses in the Caribbean.

Western Union partnered with Penn Traffic Company to offer Money Transfer, Money Order Services, in March 2008.

The Western Union Company – Business Description

The Western Union Company (Western Union) is engaged in transferring money around the world, as well as send payments and purchase money orders.The company’s services are available through a network of over 335,000 agent locations in more than 200 countries and territories.

The company operates through two business segments: consumer-to-consumer and consumer-to-business.

Western Union’s consumer-to-consumer segment provides money transfer services between consumers, primarily through a global network of third-party agents using its multicurrency, real-time money transfer processing systems in the same country.

Western Union’s consumer-to-business segment focuses on payments from consumers to businesses and other organizations that receive consumer payments, including utilities, auto finance companies, mortgage services, financial service providers and government agencies, through the company’s network of third-party agents and various electronic channels.

The company also sells Western Union branded money orders, issued by Integrated Payment Systems (IPS), to consumers at non-bank retail locations primarily in the US and Canada. Western Union also offers prepaid services consisting of a Western Union branded prepaid card (issued by a third party), and third-party top-up services. The Western Union branded prepaid card is sold through its agent network primarily in the US and also through the internet. In addition to debit cards, Western Union enables consumers to pre-pay for mobile phones, internet access and other services.

The company also also offers money transfer services under the Orlandi Valuta and Vigo brands; and and various bill payment services primarily in the US under brands Speedpay, Equity Accelerator, Just in Time EFT, Western Union Quick Collect, Western Union Convenience Pay, and in Argentina under Pago Facil SM brand.

The Western Union Company – Key Facts

Head Office

The Western Union Company

12500 East Belford Avenue

Englewood

Colorado 80112

USA

Phone

1 866 405 5012

Fax

1 720 332 4753

Web Address

http://www.westernunion.com

Revenue / turnover (USD Mn)

4,900.2

Financial Year End

December

Employees

6,100

New York Ticker

WU

The Western Union Company – Company Overview

The Western Union Company (Western Union) is engaged in the business of global money transfer, providing ways to send money worldwide, pay bills and purchase money orders. The company has a network of more than 335,000 agent locations in over 200 countries spanning the US, Europe, Middle East, Canada, Africa and South East Asia. It is headquartered in Englewood, Colorado and employs about 6,100 people.

The company recorded revenues of $4,900.2 million during the fiscal year ended December 2007, an increase of 9.6% over 2006.The operating profit of the company was $1,322 million during fiscal year 2007, an increase of 0.8% over 2006. The net profit was $857.3 million in fiscal year 2007, a decrease of 6.2% compared to 2006.