Nordea has released the first version of its open banking portal targeted towards external developers, as it gets ready for the Payment Services Directive (PSD2) requirements.

Currently the site has “limited functionality” but unspecified pilot activities will be conducted through the portal during 2017, in advance of a full launch in Q1 2018.

Jarkko Turunen, head of open banking at Nordea, says: “Open banking will fundamentally shift banking in the way internet banking did more than a decade ago. We will see many new ways of distributing banking products. In the end, this creates more choice and value for customers.”

In releasing its open banking/open API portal, Nordea says it not only moves to meet the PSD2 requirements – under which banks need to provide third parties with access to customer accounts upon their approval – but also takes the “lead position in the Nordic market in the open API area”.

As a first move towards a “fully-functioning” developer portal and community hub, Nordea has published the first iteration of the open webpage where developers can register to start their collaboration. The portal will act as the channel for dialogue with partners and third-party developers.