Monzo has rolled out a new tool that lets customers to undo a payment within a specific timeframe in what the FinTech describes as an industry-first.

Available from Wednesday for Monzo customers, the feature lets customers cancel a bank transfer within a timeframe of their choosing, ranging from 10 to 60 seconds.

The initiative aims to enable customers to control and block payments more quickly, as new research by Monzo highlights that over three-quarters of Brits who sent a payment by mistake (78 per cent) noticed the error within a minute from completing the transaction.

According to Monzo's research, almost a third (30 per cent) of Brits have made a payment mistake in the last year, with over £835 million in transactions sent by mistake.

Common mistakes include adding a “zero” to the payment or completing a transaction on the wrong account, with 68 per cent of Britons confirming their mistakes were the result of a simple typing error.

Through the new tool, a pre-set 15-second time limit will appear on the payment confirmation screen with the option to cancel the payment as soon as a transaction is made.

The customer will be able to tap the “cancel payment” button before the time expires to undo the transaction, with Monzo blocking the payment from being sent. The person or company to whom the money was accidentally sent won’t be notified of the transaction.

Monzo added that the tool also provides a ‘moment of pause’ to allow anyone to stop and think if they have been tricked into sending a fraudulent payment.

Andy Sacre, head of payments at Monzo emphasised how mistakes can happen during payments transactions, whether that's sending the wrong amount to someone 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,” he added.

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