UK digital bank Monzo has unveiled a new feature that gives customers the ability to cancel a bank transfer within a user-defined window of 10 to 60 seconds. This tool allows users to quickly reverse mistaken transactions — such as sending money to the wrong person or entering an incorrect amount — before the payment is fully processed.
Beyond user error, the feature also provides a brief pause to reconsider suspicious transactions, potentially preventing fraud in real time. The move aligns with Monzo’s wider efforts to enhance safety and control in digital banking.
The feature rollout follows recent Monzo research revealing that nearly one in three Brits made a payment mistake in the past year. Of those who made an error, 78% realised it within a minute — the precise moment Monzo’s new tool is designed to intervene.
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 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.”
The new tool is part of Monzo’s ongoing effort to blend speed, user experience, and security in its payment infrastructure.