Nordea bank has selected a group of 22 fintechs, customers and third parties to participate in a pilot account information service (AIS) that will be compliant with the PSD2 Directive.

The bank initially launched its ‘Open Banking’ API platform in the spring and was deluged with over 700 developers wanting to sign up.

The pilot will include a sandbox environment where developers can test the account information service API, and its user consent management process.  Future pilots will cover payment initiation, the other main service covered by the PSD2 provisions.

Nordea’s 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.

“We see this as an opportunity to embrace the changing landscape. Our goal is to strengthen our collaboration with fintechs and go beyond the regulation by providing premium APIs which fit the changing needs of customers across all segments.”