Monzo makes major change affecting millions of customers

The Monzo app on a smartphone.

Monzo customers will have a 10- to 60-second window, allowing them to cancel a bank transfer if they have made an error. (Image: PA)

Monzo is set to introduce a game-changing feature that allows customers to cancel a bank transfer within seconds if they spot an error, offering a 10- to 60-second window to halt a mistaken payment. The "undo payments" tool has been hailed as a "comfort blanket".

Andy Sacre, head of payments at Monzo, commented: "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."

Users will have the flexibility to set the cancellation timer to their preference, with options including 10, 15 (the default), 30, or 60 seconds.

The innovative feature, which will be gradually introduced to Monzo customers starting Wednesday, allows them to tap an "undo payment" button before time runs out, ensuring the funds stay in the sender's account without alerting the intended recipient of the near-miss transaction.