Monzo is rolling out a – according to the challenger bank – first-of-its-kind feature that allows customers to cancel a transfer within seconds of spotting an error.

Dubbed “Undo Payments,” the tool gives users a brief window – between 10 and 60 seconds – to halt a transaction if they’ve sent the wrong amount or paid the wrong person. The default setting is 15 seconds, but customers can adjust the timer to 10, 30, or 60 seconds in the app’s Privacy & Security settings.

The feature, which begins rolling out today, could also help combat fraud by allowing users to quickly reverse payments if they suspect a scam. Monzo cited research showing Brits lose £825 million yearly due to payment errors, with over two-thirds of mistakes stemming from typos – like accidentally adding an extra zero.

In a post on its blog, the bank also cites research by Moneyhub, claiming that 1 in 10 people in the UK have accidentally sent money to the wrong person.

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After sending money via Monzo’s “Pay someone” feature, a timer appears on the confirmation screen. Users can tap “Undo payment” there, on the home screen, or in payment details – as long as the timer hasn’t expired. If undone, the payment never leaves the sender’s account, and the recipient remains unaware.

The feature is optional; customers can toggle it on or off in settings. Monzo is introducing it gradually to monitor performance but confirms access at this stage is randomised, not selective.