With approximate timing, processes typically need to run in lockstep with SystemC simulation time. This is most apropriate for architectural exploration and performance analysis.
Delays annotated onto process interactions are implemented using wait calls.
Detailed timing within the various phases of a transaction can be modelled. TLM 2.0 defines multiple transaction phases with timing points. The four default phases of the base protocol are BEGIN_REQ, END_REQ, BEGIN_RESP, and END_RESP. Other phases can be added.