Monzo introduces undo payments feature for bank transfers

GlobalData

Thu, May 15, 2025, 5:24 AM 2 min read

Monzo, the UK-based online bank, has introduced a diagnostic that allows customers to reverse slope transfers if they observe an mistake successful the transaction.

This functionality, claimed to beryllium a archetypal successful the banking sector, enables users to cancel a outgo wrong a definite timeframe if they person made a mistake with the recipient oregon the amount.

Monzo customers volition spot the enactment to 'undo' a slope transfer, offering extortion against communal mistakes specified arsenic sending wealth to the incorrect idiosyncratic oregon inputting an incorrect amount.

The default undo play is acceptable astatine 15 seconds, but it tin beryllium adjusted to 10, 30, oregon 60 seconds based connected idiosyncratic preference.

Upon completing a transportation via the 'Pay someone' feature, a countdown timer is displayed connected the outgo confirmation screen.

If the lawsuit identifies an error, they tin prime the 'Undo payment' fastener from the confirmation, Home, oregon outgo item screens earlier the timer runs out.

Activating this diagnostic stops the outgo process, ensuring the funds bash not permission the account, the online slope stated.

While the undo outgo diagnostic is intended to heighten transaction security, Monzo acknowledges that immoderate customers whitethorn similar not to acquisition delays successful their slope transfers.

Consequently, the diagnostic tin beryllium deactivated successful the settings nether privateness & security.

The rollout of the 'undo payment' diagnostic volition beryllium gradual, allowing Monzo to show its show and marque immoderate adjustments based connected lawsuit usage and feedback.

This diagnostic is exclusive to Monzo existent relationship holders who are residents of the UK.

In March, the slope launched 'Monzo Split', a diagnostic aimed astatine assisting users with managing shared expenses.

This facilitates the tracking, settlement, and requesting of payments for shared costs.

"Monzo introduces undo payments diagnostic for slope transfers " was primitively created and published by Retail Banker International, a GlobalData owned brand.

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