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Philadelphia Federal Credit Union Banks on expensewatch.com for Expense Control

Plymouth Meeting, Pa. - May 22, 2006 - Philadelphia Federal Credit Union recently selected expensewatch.com to automate expense controls in its headquarters and eight branch offices.

PFCU serves more than 100,000 members from 600-plus organizations in Pennsylvania, New Jersey and Delaware. One of the top five credit unions in the area, it manages assets in excess of $500 million and employs approximately 250 people.

"We tested expensewatch.com and saw how we could begin controlling and managing costs right away," said Noreen Harrington, vice president of accounting for PFCU. "We recently completed a lengthy accounting software installation, so we were particularly impressed that we could have everything we needed to control expenses without a huge software investment and tedious implementation."

PFCU will begin rolling out the purchasing, travel and entertainment and accounts payable workflow modules of expensewatch.com within the next month. Harrington says she expects the system will allow the credit union to streamline processes, eliminate paper-intensive procedures and control costs.

"We are pleased to welcome Philadelphia Federal Credit Union as a customer," said Todd Palmieri, co-founder, chief executive officer and president of expensewatch.com. "Expensewatch.com delivered on-demand will dramatically reduce the cost, time and risk of enterprise software deployment and will give PFCU extensive control over its expense management processes."

Expensewatch.com is an on-demand expense control and reporting system that automates key financial processes and delivers powerful tools to streamline and control expenses. Customers automate all or a portion of their expenses by choosing which modules they need for travel and entertainment, purchasing, and accounts payable workflow. Policies and budgets, compliance, real-time reporting, maintenance, support and training are all included in the subscription pricing.