Swift has adopted the concepts of tokenization and shared ledger, which can replace the need for messaging between financial institutions. Swift currently operates the global messaging layer, and the global shared ledger may ultimately lead to the disappearance of this layer. Initially, it believed that in addition to payment shared ledgers, rich data such as that required for anti-money laundering (AML) was also needed. Ideally, data would be conveyed through messaging. It then suggested that the ledger could be based on an adapted version of its centralized Swift transaction manager.