UK’s digital bank Monzo has launched a new feature that empowers customers to cancel bank transfers almost instantly if they spot an error.
This development, aimed at addressing a problem costing Brits an estimated £825 million annually, is set to redefine how users manage their transactions, offering a safety net for common mistakes like sending money to the wrong recipient or entering an incorrect amount.
The feature, which began rolling out to Monzo’s 11 million customers on May 14, 2025, introduces a customizable “undo” option for bank transfers.
Upon initiating a transfer, users are presented with a brief window—ranging from 10 to 60 seconds—to reverse the transaction.
The default setting is 15 seconds, but customers can adjust this to 10, 30, or 60 seconds based on their preferences.
If the undo button is tapped within the chosen timeframe, the payment is halted before it leaves the sender’s account, and the intended recipient remains unaware of the attempted transfer.
This seamless process ensures that errors can be corrected discreetly and efficiently.
Andy Sacre, Monzo’s Head of Payments, emphasized the importance of this innovation, stating:
“Speed and ease are key when sending money, but mistakes happen—whether it’s a typo or paying the wrong person. Our new feature gives customers a moment to catch those errors, preventing costly mishaps.”
The initiative reflects Monzo’s commitment to blending convenience with user protection, addressing a pain point that has long plagued traditional banking systems.
The undo feature is particularly timely, as Monzo acknowledges that not all customers may welcome delays in their transfers.
To accommodate varying needs, the bank allows users to tailor the cancellation window, balancing speed with security.
For those who prioritize instant transactions, a shorter 10-second window minimizes disruption, while the 60-second option offers extra time for cautious users to double-check details.
This flexibility underscores Monzo’s customer-centric approach, ensuring the feature caters to diverse preferences.
The rollout is being implemented gradually, allowing Monzo to monitor performance and gather feedback to refine the system.
Monzo’s latest innovation builds on its reputation as a fintech leader, having grown from a startup in 2015 to the UK’s seventh-largest bank by customer numbers.
With additional offerings like Monzo Split for shared expenses and recent ventures into pensions and home insurance, the bank continues to introduce innovative products and services.
As it prepares for a potential £6 billion IPO in 2025, this new feature reinforces Monzo’s mission to empower users with intuitive digital tools, setting a standard for digital banking.