Monzo, a UK-based online bank, has introduced the ability to reverse bank transfers if it detects an error in a transaction.
This feature is claimed to be the first in the banking department, allowing users to cancel payments within a certain period of time if they get the wrong recipient or amount.
Monzo customers check the “Undo” option to protect your bank transfer from you from common mistakes such as sending money to the wrong person or entering the wrong amount.
The default undo period is set to 15 seconds, but can be adjusted to 10, 30, or 60 seconds based on user preferences.
Once you have completed the transfer via the “Pay Someone” function, a Countdown timer will appear on the payment confirmation screen.
If a customer identifies an error, they can select the Undo Payment button from the Confirm, Home, or Payment Details screen before the timer runs out.
Activating this feature will stop the payment process and prevent funds from leaving the account, online banks say.
While UNDO’s payment capabilities are intended to enhance transaction security, Monzo acknowledges that some customers may not like not to experience delays in bank transfers.
Therefore, this feature can be deactivated in settings under privacy and security.
The Undo feature is gradually rolling out, allowing Monzo to monitor performance and make adjustments based on customer usage and feedback.
This feature is exclusively for checking account holders of Monzo, a UK resident.
The bank was launched in March “Monzosplit” A feature intended to help users manage shared expenses.
This makes it easier to track, settle, and request shared cost payments.
“Monzo Undoes Repayment Function for Bank Transfers” was originally created and published Retail Banker Internationala brand owned by GlobalData.
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