Australia's ANZ Group is launching a smartphone app called ANZ Transactive Mobile that it says helps streamline cash management for corporate customers.

The software monitors account balances and transactions and can be used to approve or reject payments. The app, which can be downloaded from the iTunes app store, is only available in Australia and New Zealand.

The app acts as an extension of the bank's desktop ANZ Transactive service.

"By recognizing that our customers are spending more time on the move, ANZ Transactive - Mobile is designed to offer them a functional mobile banking experience that enables them to be as productive on the road as they are in the office," ANZ's global head of payments and cash management, Nigel Dobson, said in a press release Tuesday.