THEORETICAL FOUNDATIONS AND METHODOLOGICAL APPROACHES TO THE IMPLEMENTATION OF DIGITAL FINANCIAL PLATFORMS
Abstract
This paper develops an analytical framework for implementing digital financial platforms as a core component of financial infrastructure. The central research challenge is methodological fragmentation: platform studies are often split between (economics of multi‑sided markets (network effects, competitive bottlenecks, pricing) and information systems views of digital platforms and digital infrastructures (modular architectures, generativity, governance). Building on the digital platform research agenda and the layered modular logic of digital innovation, we conceptualize a digital financial platform as a socio‑technical infrastructure that enables secure, standardized data and service exchange among regulated financial institutions, fintech complementors and end users via open interfaces. Methodologically, the paper follows a design science logic and specifies a set of implementation artifacts: ecosystem value blueprint, reference architecture, data governance and security‑by‑design policies, API management model, complementor governance mechanisms, and a performance measurement system. We argue that successful implementation requires alignment of modular technical architecture with governance choices, because platform evolution depends on co‑evolution of architecture, governance and environmental dynamics. In regulated environments (e.g., open banking), platform orchestration is partially policy‑driven and co‑constructed by banks, regulators and emerging fintechs, amplifying the importance of compliance, interoperability and operational resilience. For evaluation, we propose a composite Platform Performance Index that integrates adoption and value creation metrics with infrastructure‑grade indicators: interoperability, cyber resilience, data sovereignty, risk and compliance outcomes.
References
Akyildirim E., Corbet S., Mukherjee A., Ryan M. Global perspectives on open banking: Regulatory impacts and market response. Journal of International Financial Markets, Institutions and Money. 2025. Vol. 101. 102159. DOI: https://doi.org/10.1016/j.intfin.2025.102159
Armstrong M. Competition in two-sided markets. RAND Journal of Economics. 2006. Vol. 37, no. 3. P. 668–691. DOI: https://doi.org/10.1111/j.1756-2171.2006.tb00037.x
Armstrong M., Wright J. Two-sided markets, competitive bottlenecks and exclusive contracts. Economic Theory. 2007. Vol. 32. P. 353–380. DOI: https://doi.org/10.1007/s00199-006-0114-6
Broekhuizen T. L. J. et al. Digital platform openness: Drivers, dimensions and outcomes. Journal of Business Research. 2021. Vol. 122. P. 902–914. DOI: https://doi.org/10.1016/j.jbusres.2019.07.001
Briones de Araluze G. K., Cassinello Plaza N. Open banking: A bibliometric analysis-driven definition. PLOS ONE. 2022. Vol. 17, no. 10. e0275496. DOI: https://doi.org/10.1371/journal.pone.0275496
Casolaro A. M. B., Rauber G. N., de Lima U. S. M. Open banking: a systematic literature review. Journal of Banking Regulation. 2025. Vol. 26. P. 340–355. DOI: https://doi.org/10.1057/s41261-024-00262-x
Costabile C. Digital platform ecosystem governance of private companies: Building blocks and a research agenda. Data and Information Management. 2024. Vol. 8, no. 1. 100053. DOI: https://doi.org/10.1016/j.dim.2023.100053
de Reuver M., Sørensen C., Basole R. C. The digital platform: a research agenda. Journal of Information Technology. 2018. Vol. 33, no. 2. P. 124–135. DOI: https://doi.org/10.1057/s41265-016-0033-3
Dinçkol D., Ozcan P., Zachariadis M. Regulatory standards and consequences for industry architecture: The case of UK Open Banking. Research Policy. 2023. Vol. 52, no. 6. 104760. DOI: https://doi.org/10.1016/j.respol.2023.104760
Gawer A. Bridging differing perspectives on technological platforms: Toward an integrative framework. Research Policy. 2014. Vol. 43, no. 7. P. 1239–1249. DOI: https://doi.org/10.1016/j.respol.2014.03.006
Gawer A., Cusumano M. A. Industry platforms and ecosystem innovation. Journal of Product Innovation Management. 2014. Vol. 31, no. 3. P. 417–433. DOI: https://doi.org/10.1111/jpim.12105
Hanisch M. et al. Digital governance: A conceptual framework and research agenda. Journal of Business Research. 2023. Vol. 162. 113777. DOI: https://doi.org/10.1016/j.jbusres.2023.113777
Henderson R. M., Clark K. B. Architectural innovation: The reconfiguration of existing product technologies and the failure of established firms. Administrative Science Quarterly. 1990. Vol. 35, no. 1. P. 9–30. DOI: https://doi.org/10.2307/2393549
Henfridsson O., Bygstad B. The generative mechanisms of digital infrastructure evolution. MIS Quarterly. 2013. Vol. 37, no. 3. P. 907–931. DOI: https://doi.org/10.25300/MISQ/2013/37.3.11
Hevner A. R. et al. Design science in information systems research. MIS Quarterly. 2004. Vol. 28, no. 1. P. 75–105. DOI: https://doi.org/10.2307/25148625
IMF. Growing Retail Digital Payments: The Value of Interoperability. 2025. DOI: https://doi.org/10.5089/9798229014250.063
Leong C. et al. The emancipatory potential of digital entrepreneurship. Information & Management. 2022. Vol. 59, no. 3. 103384. DOI: https://doi.org/10.1016/j.im.2020.103384
Lin X., Zhang S. S., Zachariadis M. Open data and API adoption of U.S. banks. Journal of Financial Intermediation. 2025. Vol. 63. 101162. DOI: https://doi.org/10.1016/j.jfi.2025.101162
Muthukannan P. et al. Novel mechanisms of scalability of financial services. International Journal of Information Management. 2021. Vol. 61. 102403. DOI: https://doi.org/10.1016/j.ijinfomgt.2021.102403
Muthukannan P. et al. From Open Banking Regulation to Platform Orchestration. Information Systems Journal. 2026. DOI: https://doi.org/10.1111/isj.70030
Palmié M. et al. The evolution of the financial technology ecosystem. Technological Forecasting and Social Change. 2019. Vol. 151. 119779. DOI: https://doi.org/10.1016/j.techfore.2019.119779
Rochet J.-C., Tirole J. Platform competition in two-sided markets. Journal of the European Economic Association. 2003. Vol. 1, no. 4. P. 990–1029. DOI: https://doi.org/10.1162/154247603322493212
Rysman M. The economics of two-sided markets. Journal of Economic Perspectives. 2009. Vol. 23, no. 3. P. 125–143. DOI: https://doi.org/10.1257/jep.23.3.125
Tiwana A., Konsynski B. Complementarities between organizational IT architecture and governance structure. Information Systems Research. 2010. Vol. 21, no. 2. P. 288–304. DOI: https://doi.org/10.1287/isre.1080.0206
Tiwana A. et al. Platform evolution: Coevolution of platform architecture, governance, and environmental dynamics. Information Systems Research. 2010. Vol. 21, no. 4. P. 675–687. DOI: https://doi.org/10.1287/isre.1100.0323
Tilson D., Lyytinen K., Sørensen C. Digital infrastructures: The missing IS research agenda. Information Systems Research. 2010. Vol. 21, no. 4. P. 748–759. DOI: https://doi.org/10.1287/isre.1100.0318
Vial G. Understanding digital transformation: A review and a research agenda. The Journal of Strategic Information Systems. 2019. Vol. 28, no. 2. P. 118–144. DOI: https://doi.org/10.1016/j.jsis.2019.01.003
Yoo Y., Henfridsson O., Lyytinen K. The new organizing logic of digital innovation. Information Systems Research. 2010. Vol. 21, no. 4. P. 724–735. DOI: https://doi.org/10.1287/isre.1100.0322
Eichengreen B. Financial regulation in the age of the platform economy. Journal of Banking Regulation. 2023. DOI: https://doi.org/10.1057/s41261-021-00187-9
McNulty D., Miglionico A., Milne A. Data access technologies and the ‘new governance’ techniques of financial regulation. Journal of Financial Regulation. 2023. Vol. 9, no. 2. P. 225–248. DOI: https://doi.org/10.1093/jfr/fjad008
Akyildirim, E., Corbet, S., Mukherjee, A., & Ryan, M. (2025). Global perspectives on open banking: Regulatory impacts and market response. Journal of International Financial Markets, Institutions and Money, is. 101, pp. 102159. DOI: https://doi.org/10.1016/j.intfin.2025.102159
Armstrong, M. (2006). Competition in two‑sided markets. RAND Journal of Economics, no. 37(3), pp. 668–691. DOI: https://doi.org/10.1111/j.1756-2171.2006.tb00037.x
Armstrong, M., & Wright, J. (2007). Two‑sided markets, competitive bottlenecks and exclusive contracts. Economic Theory, is. 32, pp. 353–380. DOI: https://doi.org/10.1007/s00199-006-0114-6
Broekhuizen, T. L. J., Emrich, O., Gijsenberg, M. J., Broekhuis, M., Donkers, B., & Sloot, L. M. (2021). Digital platform openness: Drivers, dimensions and outcomes. Journal of Business Research, is. 122, pp. 902–914. DOI: https://doi.org/10.1016/j.jbusres.2019.07.001
Briones de Araluze, G. K., & Cassinello Plaza, N. (2022). Open banking: A bibliometric analysis‑driven definition. PLOS ONE, is. 17(10), e0275496. DOI: https://doi.org/10.1371/journal.pone.0275496
Casolaro, A. M. B., Rauber, G. N., & de Lima, U. S. M. (2025). Open banking: a systematic literature review. Journal of Banking Regulation, is. 26, pp. 340–355. DOI: https://doi.org/10.1057/s41261-024-00262-x
Costabile, C. (2024). Digital platform ecosystem governance of private companies: Building blocks and a research agenda based on a multidisciplinary, systematic literature review. Data and Information Management, is. 8(1), 100053. DOI: https://doi.org/10.1016/j.dim.2023.100053
de Reuver, M., Sørensen, C., & Basole, R. C. (2018). The digital platform: a research agenda. Journal of Information Technology, is. 33(2), pp. 124–135. DOI: https://doi.org/10.1057/s41265-016-0033-3
Dinçkol, D., Ozcan, P., & Zachariadis, M. (2023). Regulatory standards and consequences for industry architecture: The case of UK Open Banking. Research Policy, is. 52(6), 104760. DOI: https://doi.org/10.1016/j.respol.2023.104760
Gawer, A. (2014). Bridging differing perspectives on technological platforms: Toward an integrative framework. Research Policy, is. 43(7), pp. 1239–1249. DOI: https://doi.org/10.1016/j.respol.2014.03.006
Gawer, A., & Cusumano, M. A. (2014). Industry platforms and ecosystem innovation. Journal of Product Innovation Management, is. 31(3), pp. 417–433. DOI: https://doi.org/10.1111/jpim.12105
Hanisch, M., Goldsby, C. M., Fabian, N. E., & Oehmichen, J. (2023). Digital governance: A conceptual framework and research agenda. Journal of Business Research, is. 162, 113777. DOI: https://doi.org/10.1016/j.jbusres.2023.113777
Henderson, R. M., & Clark, K. B. (1990). Architectural innovation: The reconfiguration of existing product technologies and the failure of established firms. Administrative Science Quarterly, no. 35(1), pp. 9–30. DOI: https://doi.org/10.2307/2393549
Henfridsson, O., & Bygstad, B. (2013). The generative mechanisms of digital infrastructure evolution. MIS Quarterly, is. 37(3), pp. 907–931. DOI: https://doi.org/10.25300/MISQ/2013/37.3.11
Hevner, A. R., March, S. T., Park, J., & Ram, S. (2004). Design science in information systems research. MIS Quarterly, is. 28(1), pp. 75–105. DOI: https://doi.org/10.2307/25148625
IMF (2025). Growing Retail Digital Payments: The Value of Interoperability (Fintech Notes 2025/004). DOI: https://doi.org/10.5089/9798229014250.063
Leong, C., Tan, F. T. C., Tan, B., & Faisal, F. (2022). The emancipatory potential of digital entrepreneurship: A study of financial technology‑driven inclusive growth. Information & Management, is. 59(3), 103384. DOI: https://doi.org/10.1016/j.im.2020.103384
Lin, X., Zhang, S. S., & Zachariadis, M. (2025). Open data and API adoption of U.S. banks. Journal of Financial Intermediation, is. 63, 101162. DOI: https://doi.org/10.1016/j.jfi.2025.101162
Muthukannan, P., Tan, B., Tan, F. T. C., & Leong, C. (2021). Novel mechanisms of scalability of financial services in an emerging market context: Insights from Indonesian Fintech Ecosystem. International Journal of Information Management, is. 61, 102403. DOI: https://doi.org/10.1016/j.ijinfomgt.2021.102403
Muthukannan, P., Gozman, D., Tan, B., & Dhavamani, P. (2026). From Open Banking Regulation to Platform Orchestration: The evolution of digital platform governance. Information Systems Journal. DOI: https://doi.org/10.1111/isj.70030
Palmié, M., Wincent, J., Parida, V., & Caglar, U. (2019). The evolution of the financial technology ecosystem: An introduction and agenda for future research on disruptive innovations in ecosystems. Technological Forecasting and Social Change, is. 151, 119779. DOI: https://doi.org/10.1016/j.techfore.2019.119779
Rochet, J.-C., & Tirole, J. (2003). Platform competition in two‑sided markets. Journal of the European Economic Association, 1(4), pp. 990–1029. DOI: https://doi.org/10.1162/154247603322493212
Rysman, M. (2009). The economics of two‑sided markets. Journal of Economic Perspectives, is. 23(3), pp. 125–143. DOI: https://doi.org/10.1257/jep.23.3.125
Tiwana, A., & Konsynski, B. (2010). Complementarities between organizational IT architecture and governance structure. Information Systems Research, is. 21(2), pp. 288–304. DOI: https://doi.org/10.1287/isre.1080.0206
Tiwana, A., Konsynski, B., & Bush, A. A. (2010). Research Commentary–Platform evolution: Coevolution of platform architecture, governance, and environmental dynamics. Information Systems Research, is. 21(4), pp. 675–687. DOI: https://doi.org/10.1287/isre.1100.0323
Tilson, D., Lyytinen, K., & Sørensen, C. (2010). Research Commentary–Digital infrastructures: The missing IS research agenda. Information Systems Research, is. 21(4), pp. 748–759. DOI: https://doi.org/10.1287/isre.1100.0318
Vial, G. (2019). Understanding digital transformation: A review and a research agenda. The Journal of Strategic Information Systems, is. 28(2), pp.118–144. DOI: https://doi.org/10.1016/j.jsis.2019.01.003
Yoo, Y., Henfridsson, O., & Lyytinen, K. (2010). Research Commentary–The new organizing logic of digital innovation: An agenda for information systems research. Information Systems Research, is. 21(4), pp. 724–735. DOI: https://doi.org/10.1287/isre.1100.0322
Eichengreen, B. (2023). Financial regulation in the age of the platform economy. Journal of Banking Regulation. DOI: https://doi.org/10.1057/s41261-021-00187-9
David McNulty, Andrea Miglionico, Alistair Milne, Data Access Technologies and the ‘New Governance’ Techniques of Financial Regulation, Journal of Financial Regulation, Volume 9, Is. 2, October 2023, pp. 225–248, DOI: https://doi.org/10.1093/jfr/fjad008
Copyright (c) 2026 Світлана Кузнецова
This work is licensed under a Creative Commons Attribution 4.0 International License.
