Monzo, the UK’s leading digital bank, has launched a new feature called Undo Payments, aimed at enhancing confidence and safety for both personal and business users making bank transfers.
The launch follows fresh research from Monzo that reveals the scale of mistakes made during transfers, according to FF News.
Nearly one in three Brits (30%) admitted to sending money to the wrong person or sending the incorrect amount within the last year. The new tool is designed to tackle this growing issue and offer a moment of pause in what can be an otherwise irreversible process.
Monzo is a pioneering digital bank known for its customer-centric approach and technology-driven banking solutions. As one of the UK’s most prominent FinTechs, Monzo has consistently led the way in rethinking what banking looks like for consumers and businesses alike.
The Undo Payments tool gives users the ability to cancel a bank transfer within a configurable window of 10 to 60 seconds after initiating it.
This is especially useful in cases of typographical errors—such as adding an extra zero—or accidentally selecting the wrong recipient. The feature also acts as a safeguard against fraud, offering a vital pause before funds are transferred.
After a user initiates a payment, a default 15-second countdown appears with the option to undo the payment directly on the confirmation screen, Home screen, or within the payment detail screen.
If the button is tapped in time, the transfer is instantly cancelled, and the money never leaves the user’s account. The intended recipient never even knows the transaction was attempted. Users can also adjust the undo timer to 10, 15, 30, or 60 seconds, or disable it altogether.
Additional insights from Monzo’s research found that £825m was mistakenly sent in the UK over the past year. Furthermore, 58% of Brits said they would feel more at ease making bank transfers if they had the option to cancel them. A striking 68% of mistaken payments were due to basic typing errors.
Monzo’s goal is to address these concerns with intuitive technology. The company’s ongoing investment in cutting-edge features is aimed at ensuring customers feel secure and in control during every transaction.
Monzo head of payments Andy Sacre said, “We know it’s important to be able to send money quickly and easily – but we also know that mistakes can happen, whether that’s sending the wrong amount to someone or paying the wrong person. In another industry-first, we’re bringing the best of banking and technology together to solve that problem for our customers, with this simple yet powerful feature that ensures they can send money with Monzo more confidently and safely than ever before.”
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