Wesabe says the tool, which can be downloaded from the iTunes App store, lets members view all of their bank and credit card accounts in one place.

Account balances and transactions sync every time the iPhone app launches, while users can switch between text and graph views of their financial data by flipping the phone upright or sideways.

The app also enables customers to track cash spending on the go by editing, categorising and tagging their purchases.

Meanwhile it utilises the iPhone's GPS and Yahoo! Local APIs to locate where customers have made purchases, offering up the names of the closest merchants, meaning users don't have to manually input retailers' details.

Marc Hedlund, CEO, Wesabe, says: "This app also solves the problem of tracking cash purchases, which are often a budget black hole. Now iPhone users have a fast, easy way to document those little expenses that can add up to make a big financial dent."

To ensure security, the app lets users set a four-digit PIN, which works in the same way as the main iPhone passcode, to lock financial data without having to protect the whole phone. If the phone is lost or stolen customers can block access to the app from the Wesabe Web site.

Adds Hedlund: "By adding a Wesabe-specific PIN, if you lend your phone to a friend, he can't see your bank balances. You shouldn't have to lock your whole phone just to protect your financial data."

Wesabe is also making the app available to banks and credit unions that sign up to its Springboard offering.

Springboard is a Web-services-based version of Wesabe's money management platform, enabling financial services firms to offer customers the range of money management tools and community features available on Wesabe through their own Web sites.

Banks will also be able to use a branded version of the iPhone app, selecting and adding features as they like.

Wesabe rival Mint also offers an iPhone app, although it does not let users edit their data.