An “undo payments” tool from Monzo has prevented more than £323 million from mistakenly leaving customers’ accounts since it launched in May 2025.
The single biggest payment stopped was £2.5 million, the bank said.
The tool gives customers a short window to change their minds and stop a transfer before the money leaves their account.
The bank said customers have reversed more than 1.6 million transfers after spotting errors such as sending money to the wrong person or entering the wrong amount.
On average, payments are cancelled in just nine seconds, with the average cancelled transfer worth just over £200.
Andy Sacre, head of payments at Monzo said: “Mistakes happen to all of us, whether it’s typing an extra zero on a payment or sending money to the wrong person.
“We built undo payments to give people a few seconds to catch those ‘oh no’ moments and put things right.
“Customers are telling us that this simple but powerful feature is a game-changer, giving them more control and confidence when managing their money than ever before.”
