Nordea Bank, a Nordic financial services group, has kicked off the first pilot phase of its open banking portal.

The bank launched the first version of its Open Banking portal for external developers earlier this year to brace up for the second Payment Services Directive (PSD2) requirements and invited developers to join its pilot programme.

The bank has currently received 700 sign ups, out of which it has chosen 22 customers, fintech firms and third parties for the first phase of the pilot.

The latest pilot will offer a sandbox environment, allowing developers to test the Account Information Service (AIS) API, and retrieving account information details, account balances, and transaction history.

Nordea said that the first pilots will help it identify and partner with third parties offering value adding services.

In the later phases of the pilot, developers will be allowed to test initiating payments by using the Payment Initiation Service (PIS) API.

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The second phase of the pilot is expected to commence in the end of 2017, offering selected firms access to Nordea’s production environment APIs.

Nordea business partner for the Open Banking project Sanela Dulic said: “Open Banking will provide our customers with various new products and services, while keeping the customers firmly in control of what information they wish to expose and which products they wish to use.”