Monzo customers can cancel bank transfers if they quickly spot an error
Customers will have a window of seconds to stop a payment going out, if they realise they have made a mistake.
Monzo customers will have the ability to cancel a bank transfer if they realise within seconds that they have made a mistake.
The new feature gives customers a 10- to 60-second window, allowing them to cancel a payment if they realise they have made an error, such as sending the wrong amount or selecting an incorrect recipient.
It could also help to stop payments potentially going to fraudsters, if the sender suddenly has doubts about the recipient.
The bank described the “undo payments” tool as a “comfort blanket” to turn a moment of panic into relief.
Andy Sacre, head of payments at Monzo, 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.”
Monzo customers can configure the timer, choosing between 10 seconds, 15 seconds (which is the default setting), 30 seconds, and 60 seconds.
The timer will appear on the payment confirmation screen with an option to undo the payment.
Someone can tap the “undo payment” button from there, or from the home screen or payment detail screen, before the timer runs out, the bank said.
If the button is tapped, the payment will not leave the sender’s account, and the potential recipient will be unaware that the money was nearly sent to them, Monzo added.
The feature will start to be rolled out to Monzo customers from Wednesday.
