OPEN BANKING AT VIRGIN MONEY

Is Open Banking safe?

The Consumer Data Right is designed to keep your data secure and protect your privacy.

• You decide if you want to share information
• You control what information to share
• You choose who you share your information with
• You choose when you want to stop sharing your information

The Consumer Data Right is regulated by the ACCC and the OAIC. The data standards have been developed by the Data Standards Body (DSB). These regulators oversee the Consumer Data Right system's privacy and security controls.

Please note Virgin Money does not endorse, promote, or authorise the use of services that require you to divulge your access codes or passwords.

What is an Accredited Data Recipient?

An Accredited Data Recipient is a provider that has successfully undergone the ACCC’s accreditation process.

Accredited Data Recipients are data receivers under CDR. These are the providers who receive a consumer’s data after the consumer has given their consent.

What is a data holder?

These are the providers who currently hold consumer data such as banks. Registered Data Holders must share eligible customer data with a nominated Accredited Data Recipient when a customer directs them to.

Who you’re sharing data with?

Want to learn more about who you’re sharing data with, and what data you’ve shared? Here’s how:

1. Visit the data sharing Customer Dashboard.
2. Select Virgin Money: ‘Sharing started by you’. This will display an option to select active or inactive arrangements.
3. We’ll display all your active sharing arrangements and the expiry date, followed by expired sharing arrangements and the date the consent expired.
4. You can search for and click on the sharing arrangement to learn more about when the sharing arrangement access was granted, what accounts have been shared, the type of data that has been shared, and how long we will continue to share data.

You can also stop sharing your data. Locate the provider you want to stop sharing your data with and click “stop sharing” at the bottom of the screen. A message will display, reminding you of what happens when you stop sharing.

What is the Customer Dashboard?

An online portal that enables customers to view and manage their data sharing consents.

Using your Open Banking credentials (mobile number or CAN, and one time SMS code), you can log in an access information such as active and expired consents, what data was shared, who it was shared with, and when.

Please note when using Open Banking we will never ask you for your pin code or passwords.

How do I access my customer dashboard?

The Customer Dashboard can be accessed here.

Why can’t I connect my Virgin Money credit card to Open Banking.

If your Virgin Money credit card is not registered on the Virgin Money app, it will be ineligible for data sharing.

To enable data sharing for your credit card, simply register it with the Virgin Money app and it will automatically become available for data sharing. For help please see Virgin Money credit card FAQs.

I am unable to create a consent using my CAN?

For Virgin Money (Loan accounts) you will need to use your customer CAN to create a consent. Note, if your CAN is less than ten-digits, then they will need to insert zeros at the start of your CAN to make up ten-digits (e.g. 0001234567).

For Virgin Money (transaction, credit and savings accounts) your registered mobile number will need to be used.

I have created a consent, however, some of my accounts are not appearing.

When creating a consent for joint accounts, all parties must have active internet banking for these accounts to be Open Banking eligible.

Please check that all parties associated with the missing accounts are signed up for internet banking and try to create the consent again.

I have created a consent however my business accounts are not displaying?

If you are trying to create a consent for business accounts, you will need to be added as a Nominated Representative. Please see the Nominate Representative section for more information.

I’m trying to share my data with a third-party, but they are asking for my Internet banking password.

This could be because the third-party is not using Open Banking technology to retrieve your data. Contact the third-party to confirm.

Please note Virgin Money does not endorse, promote, or authorise the use of services that require you to divulge your codes or passwords. Please remember that if you break your obligation to us not to disclose your codes or passwords to another person, you will be liable for any EFT transactions on your account(s) made using your codes or passwords.

Can I give multiple different ADR’s access to my banking data?

Yes, you can share your data with as many ADR’s as you like, please note you will need to create a consent with each ADR you wish to use, through their website or app.

I have created a new account since setting up my data sharing consent, do I need to create a new consent to view this new account?

Yes. You must set up a new consent to share your new account.

What is my CAN?

This is the unique customer identifier you use to log in to Internet Banking. Note if your CAN is less than ten-digits, then they will need to insert zeros at the start of your CAN to make up ten-digits (e.g. 0001234567).

To share data for accounts available in the Virgin Money app, please login using your registered mobile number (10 digits) instead of your CAN

What is a one-time password (OTP)?

We’ll never ask for your Internet Banking password to share data with accredited providers. If you choose to share your Virgin Money data with accredited providers, we’ll send you a one-time password to your registered mobile. This one-time password will expire after 5 minutes.

Do I have to share my data through Open Banking?

No, sharing your data is always your choice. You’ll be in full control of what data you share, who you share it with, and for how long.

Can I stop sharing my data?

Yes, you can choose to stop sharing data with an accredited provider at any time. You can do this by using the accredited provider’s service or through the Customer Dashboard.

Are fees are charged by Virgin Money to use Open Banking services?

No fees are charged by Virgin Money for using Open Banking.

Authorised Data Recipients may charge you fees for their services. Please refer to their terms and conditions.

Can I share my closed account data?

You can share data for accounts closed less than two years ago, but you must also have a current open account with us.

Will I have to give my password to a third party?

When you use open banking, you won't be asked for your banking password. A one-time password will be sent to your phone instead.

Please note Virgin Money does not endorse, promote, or authorise the use of services that require you to divulge your codes or passwords.

The open banking environment is a safe and secure way to share your information and doing it this way doesn't breach Virgin Money's Internet Banking terms and conditions.

How do I share data on a joint account?

Joint accounts are available for data sharing if they meet the eligibility criteria. You won’t need approval from other joint account holders to share data with accredited providers. All account holders must have the account registered for internet banking.

However, if you or any other account holder have disabled your joint account for data sharing it will need to be re-enabled before data can be shared.

I hold an account with my 16-year-old, can I share our account information?

All account holders who wish to use Open Banking must be over 18 years old. This criteria is set in legislation.

Who is a secondary user?

A secondary user is someone who has approved account privileges to the account, such as an authorised third party or a secondary card holder.

As an account holder, you may create a secondary user instruction that will allow the secondary user to share account-related data via Open Banking. Only if a secondary user instruction is created can the secondary user share your account data via Open Banking.

How do I enable secondary user data sharing on my account?

Data sharing permissions for secondary users must be enabled by an account owner via the Customer Dashboard.