New Monzo Undo Payments feature can cancel bank transfers

South Wales Argus

17-05-2025

The 'Undo Payments' tool comes as research from Monzo reveals that almost a third (30%) of Brits have made a payment error in the past year and over £825m was sent by mistake whether by people sending money to the wrong person or by sending the wrong amount.
Monzo customers are now able to cancel a bank transfer in an industry-first launch, with the flexibility to choose what time frame works best for them if they need to reverse a payment.
The new feature provides a customisable 10-60-second window that allows customers to cancel a bank transfer if a mistake is made, like adding an extra 'zero' to an amount, or selecting the wrong recipient.
The tool also provides a moment of pause for someone to stop and think if they're tricked into sending a fraudulent payment.
How does Monzo's 'Undo Payments' feature work?
Here's how it works:
If a Monzo customer has just made a bank transfer but straight away they notice a mistake, such as sending the wrong amount or selecting the incorrect recipient, this is what happens next:
A default 15-second timer will appear on the payment confirmation screen with an option to undo the payment.
The customer can tap the 'Undo Payment' button there, or from the Home screen or payment detail screen before the timer runs out.
As soon as the user hits that button, Monzo stops the payment from being sent. The money never leaves the account.
The person or business won't even know that the money was almost sent to them.
New research, conducted by Monzo, highlights that over three quarters of Brits who sent a wrong payment (78%) realised they'd made a payment error within just a minute of it happening.
Trying to retrieve mistakenly sent payments from any bank is usually a long and quite frustrating process.
There's also no guarantee customers will get anything back at the end, with Monzo's research revealing that almost a third (32%) of people have been left out of pocket due to a wrongly sent payment.
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.
"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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Customers can configure the 'Undo Payments' timer, choosing between the following lengths of time to undo a payment, or turn it off all together:
10 seconds
15 seconds (default)
30 seconds
60 seconds
The 'Undo Payments' feature will begin rolling out from today (May 14), exclusively for Monzo customers.