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This is it folks - Nintendo has confirmed its plans for the Nintendo Network, a new online initiative by the company which will introduce various new features for the 3DS and Wii U.

Nintendo Global President Satoru Iwata made the announcement at a recent investor's program. It's been confirmed that the Nintendo Network will introduce the following new features:

• Global user accounts: Nintendo will be rolling out personalised online user accounts for the Wii U, allowing multiple user logins per system. A "variety of different services and content" will be combined to construct the online account system, said Iwata. Iwata did not comment on whether or not the 3DS will also receive online user accounts.

• Digital releases of full retail titles: Nintendo will offer full 3DS and Wii U retail games via the eShop. Iwata did not mention when Nintendo would start offering this service, but assured that it would become an increasingly significant field of business for Nintendo.

Iwata also confirmed that the Wii U--like the 3DS--would receive paid downloadable content (DLC), stating that "consumers will be able to feel more secure if we offer our add-on content as an additional structure in which those who love the game will be able to enjoy it in a deeper way for a prolonged play time".

Nintendo will likely share more information regarding the Nintendo Network closer to E3.