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South Wales Argus
17-05-2025
- Business
- South Wales Argus
New Monzo Undo Payments feature can cancel bank transfers
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.' Recommended reading: 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.
Daily Record
15-05-2025
- Business
- Daily Record
Millions of people with major bank can now cancel bank transfers within seconds of spotting error
Customers will have up to 60 seconds to use the 'Undo Payment' function. More than 12million customers with Monzo now have the ability to cancel a bank transfer if they realise within seconds that they have made a mistake. This comes as new data from the bank reveals that almost one in three Brits (30%) have either sent money to the wrong person or sent the wrong amount in the last year. 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.' How Monzo's Undo Payment feature works 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. New research from Monzo reveals the demand for an Undo Payments feature, with results also showing: Over 825m was sent by mistake in the past year, whether by people sending money to the wrong person or by sending the wrong amount 58% of Brits stated they would feel more confident and/or relaxed making payments if they knew they could undo them Over two thirds of Brits (68%) claim a simple typing error, such as adding a zero, was the reason for sending the wrong payment The feature started to be rolled out to Monzo customers on May 14.
The Independent
14-05-2025
- Business
- The Independent
Bank launches first-ever option to undo payments
Monzo is introducing a new feature that allows customers to cancel a bank transfer within seconds of realising they've made a mistake. The 'undo payments' tool gives users a window of 10 to 60 seconds to halt a transaction if they spot an error, such as sending the wrong amount or to the wrong recipient. The online bank says the feature offers a "comfort blanket", turning "a moment of panic into relief". The tool could also prove crucial in preventing fraud, allowing customers to quickly react if they suddenly have second thoughts about the recipient. 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.' 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. Research from the mobile bank found that people in the UK lose around £825 million annually due to online payment errors, which inspired the new feature. In over two-thirds of these cases, people say the mistake was caused by a typing error, such as adding an extra zero by accident. The feature will start to be rolled out to Monzo customers from Wednesday.
The Independent
14-05-2025
- Business
- The Independent
Monzo adds new feature that could stop costly mistakes
Monzo is introducing a new feature that allows customers to cancel a bank transfer within seconds of realising they've made a mistake. The 'undo payments' tool gives users a window of 10 to 60 seconds to halt a transaction if they spot an error, such as sending the wrong amount or to the wrong recipient. The online bank says the feature offers a "comfort blanket", turning "a moment of panic into relief". The tool could also prove crucial in preventing fraud, allowing customers to quickly react if they suddenly have second thoughts about the recipient. 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.' 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. Research from the mobile bank found that people in the UK lose around £825 million annually due to online payment errors, which inspired the new feature. In over two-thirds of these cases, people say the mistake was caused by a typing error, such as adding an extra zero by accident. The feature will start to be rolled out to Monzo customers from Wednesday.
Metro
14-05-2025
- Business
- Metro
Bank customers given option to undo payments in 'industry first'
If you ever get buyers' remorse after paying for things like a gigantic Snorlax, TukTuk, or even a bus, help is at hand. Monzo Bank have introduced an 'undo payment' feature which they claim is an industry first. It means that if you send a payment and immediately have second thoughts, there's a way back from the precipice. The feature could be helpful if someone sends money to the wrong person, types in the wrong number of zeros, or at the last minute realises they have been scammed. You'll have to be quick if you want to use the feature, though, as it will only work for up to 60 seconds after the payment is sent. The Undo Payments feature will begin rolling out to the 12 million Monzo customers from today and will be a 'comfort blanket' giving users peace of mind with their transfers, the bank said. After making a bank transfer, customers will see a timer appear on the payment confirmation screen with an option to undo the payment (the default time is 15 seconds). 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, and the person or business won't even know that the money was almost sent to them. 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 They shared their research carried out by Censuswide showing that almost one in three Brits (30%) have either sent money to the wrong person or sent the wrong amount in the last year. The data which studied of 2001 representative Brits highlighted that over three quarters of those who sent a wrong payment (78%) realised they'd made an error within a minute of it happening. This is a major issue: the bank says that over £825m was sent by mistake in the past year. Over two thirds of Brits (68%) who this affected claim a simple typing error, such as adding a zero, was the reason for sending a wrong payment. But trying to retrieve mistakenly sent payments from any bank is usually a long process, with no guarantee of success. The new 'undo payment' feature offers a customisable 10-60-second window that allows customers to cancel a bank transfer. In terms of how it works, it's really more of 'delayed payment' option, as the payment is not actually made to anyone else's account until the buffer time runs out. More Trending In recent years, the options for editing things once they have been sent have become more widespread. It is now possible to edit WhatsApp messages, iMessages and tweets within a certain time frame, whereas in the past you just had to live with the annoying typos. 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.' Get in touch with our news team by emailing us at webnews@ For more stories like this, check our news page. View More » MORE: Major UK bank with over 2,500,000 customers to hike account fees within weeks MORE: Full list of 45 NatWest branches closing in UK in 2025 MORE: Lloyds and Halifax down leaving thousands of customers locked out of banking apps
