This system enabled three main changes: •  Large interbank transactions could now be settled on the Reserve Bank's books at any time during the day, without having to wait until the end of the day, and without having to be included in the end-of-day netting wash-up.
This is called Real Time Gross Settlement (RTGS)  •  Austraclear transactions were now also settled using ESAS, giving the securities market delivery-versus-payment in central bank money (Austraclear had previously been DVP in commercial bank money). New Zealand was one of the earliest countries in the world to achieve this outcome.