Assessment of risks of the payment system in the context of digital transformation of the financial market of the Russian Federation

The paper considers the constant striving for digital development in the financial market of the Russian Federation, which brings new players to the market - Bigtech and Fintech companies and new paradigms - open finance and open data, DeFi, BaaS, which in turn changes the place and role of payment systems. The study aims to assess the effect of risk events of the digital transformation in the financial market on the payment system in the open finance and open data and to propose solutions for risk management. The hypothesis of the study is that different scenarios of digital transformation of the financial market lead to changes in the value chain of payment infrastructure services and to the need to adapt the business model of the payment system to the new level of risk. Methodology and methods: the method of identification of the main causes of risk events, a scenario method, the expert method of risk assessment, a comparative method. Results and conclusions: this paper forms models of the value chain of payment infrastructure services for different scenarios of digital development of the financial market in the open data paradigm. The author has carried out a comparative assessment of the models by risk level, they substantiate the need to adapt the payment system business model to the changes in the financial market and proposed a mechanism that includes organizational, economic and technological measures to mitigate the negative impact of risk events. The author proves the necessity of regulatory changes in the functions of nationally significant payment systems to ensure further digital development of the financial market and highlights their special role in the transformation of the payment infrastructure. The relevance: the proposed risk management mechanism can be implemented in the risk management of payment systems, taken into account in the development of measures of state regulation of payment infrastructure in the financial market.