Monzo Bank Launches Tool: Allows Customers to Undo Payments

Monzo Bank launches tool that allows customers to undo payments, giving users a brief yet critical window to cancel mistaken transfers. The UK-based digital bank’s latest feature enables both personal and business account holders to reverse a payment within 10 to 60 seconds after initiating it, a move aimed at reducing costly errors and fraud.

This innovation comes in response to Monzo‘s research, which found nearly 30% of Brits have sent money to the wrong person or transferred the wrong amount in the past year. Even more striking, over three-quarters of those individuals realised their mistake within just 60 seconds. Recognising this narrow window of awareness, Monzo’s “Undo Payments” tool offers an industry-first safeguard for customers.

When a customer sends a payment, a countdown timer that defaults to 15 seconds appears on the confirmation screen. Within this timeframe, users can hit the “undo” button to halt the transaction before any money leaves their account. The feature can also be accessed from the home or payment detail screens. If activated, the payment is immediately cancelled, and the intended recipient remains unaware.

Monzo Bank Launches Tool: Allows Customers to Undo Payments

Monzo customers can personalise their cancellation window to 10, 15, 30, or 60 seconds, or opt to turn the feature off entirely. The bank emphasises that once the timer expires, the payment proceeds as normal, ensuring both security and immediacy.

Andy Sacre, Monzo’s Head of Payments, said, “We know it’s important to be able to send money quickly and easily, but we also know that mistakes can happen. In another industry first, we’re bringing the best of banking and technology together to solve that problem for our customers.”

Monzo launches tool that allows customers to undo payments at a time when accidental and fraudulent transfers are on the rise. According to the bank, UK customers lose an estimated £825 million annually through payment errors. The new feature addresses this loss with a simple, intuitive fix.

By introducing this functionality, Monzo reinforces its commitment to user control and safety, making everyday banking smarter and more forgiving.

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