GlobalData
2 min read
Monzo, the UK-based online bank, has introduced a feature that allows customers to reverse bank transfers if they detect an error in the transaction.
This functionality, claimed to be a first in the banking sector, enables users to cancel a payment within a certain timeframe if they have made a mistake with the recipient or the amount.
Monzo customers will see the option to 'undo' a bank transfer, offering protection against common mistakes such as sending money to the wrong person or inputting an incorrect amount.
The default undo period is set at 15 seconds, but it can be adjusted to 10, 30, or 60 seconds based on user preference.
Upon completing a transfer via the 'Pay someone' feature, a countdown timer is displayed on the payment confirmation screen.
If the customer identifies an error, they can select the 'Undo payment' button from the confirmation, Home, or payment detail screens before the timer runs out.
Activating this feature stops the payment process, ensuring the funds do not leave the account, the online bank stated.
While the undo payment feature is intended to enhance transaction security, Monzo acknowledges that some customers may prefer not to experience delays in their bank transfers.
Consequently, the feature can be deactivated in the settings under privacy & security.
The rollout of the 'undo payment' feature will be gradual, allowing Monzo to monitor its performance and make any adjustments based on customer usage and feedback.
This feature is exclusive to Monzo current account holders who are residents of the UK.
In March, the bank launched 'Monzo Split', a feature aimed at assisting users with managing shared expenses.
This facilitates the tracking, settlement, and requesting of payments for shared costs.
"Monzo introduces undo payments feature for bank transfers " was originally created and published by Retail Banker International, a GlobalData owned brand.
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