Real Time Gross Settlement are payments between banks made individually in real time. RTGS payments are final and cannot be revoked by the paying bank or otherwise unwound. Prior to the introduction of RTGS in 1998, banks settled their transactions at 9.00 am (Sydney time) on the day after a transactions were made. This involved settlement risk as payments could be unwound if fraud or mistake was discovered. For conveyancing transactions this risk was addressed using bank cheques, however these were also vulnerable to fraud. With the advent of electronic conveyancing RTGS came into its own as an enabling technology allowing for simultaneous, instantaneous transfer of monies and Torrens Title.