Bank Code Verified

062-289, BSB Number for Commonwealth Bank, Parramatta, NSW

BSB Number: 062-289

Bank: Commonwealth Bank

Financial Institution: CBA

Address: 235 Church St

City: Parramatta

State: NSW

Postcode: 2150

System: PEHto BSB numbers

Have you ever wondered what those series of numbers mean when you make a bank transfer? Well, those numbers are known as BSB numbers, and they play a crucial role in the banking system.

In this article, we will explore what BSB numbers are, why they are important, and how they are used for identification and routing of funds. What are BSB numbers?

BSB stands for “Bank-State-Branch” and is a unique identifier assigned to each bank branch in Australia. This six-digit number is used for various banking transactions, including fund transfers, direct debits, and electronic payments.

The first two digits represent the bank, the next two digits represent the state or territory, and the last two digits represent the specific branch.

Importance of BSB numbers in the banking system

BSB numbers are crucial for ensuring accurate and efficient transfer of funds between banks and branches. They act as an addressing system, allowing banks to identify the origin and destination of funds.

Without BSB numbers, it would be challenging to route funds to the correct branch, leading to delays and possible errors in transactions.

How BSB numbers are used for identification and routing of funds

When you initiate a bank transfer, you will be asked to provide the recipient’s BSB number, along with their account number. The BSB number helps the bank identify the branch where the recipient’s account is held.

Once the BSB number is entered, the bank’s system automatically routes the funds to the respective branch. For example, let’s say you want to transfer money to a friend’s Commonwealth Bank account in Parramatta.

The BSB number for Commonwealth Bank is 062-289, with the first two digits indicating the bank. The next two digits, 28, represent New South Wales, and the last two digits, 89, signify the Parramatta branch.

By providing this BSB number, the bank knows exactly which branch the funds should be directed to. BSB numbers are also used for other banking transactions, such as direct debits.

When you authorize a company to debit your account for recurring payments, they will ask for your BSB number to ensure the funds are sent to the correct branch.

The system behind BSB numbers

The BSB system is centralized and managed by the Australian Payments Network (APN), formerly known as Australian Payments Clearing Association (APCA). The APN ensures that BSB numbers are unique and accurately assigned to each bank and branch.

The BSB system is constantly updated to accommodate changes in the banking industry. When a new bank branch is opened or an existing branch is closed, the APN assigns a new BSB number or updates the existing one.

This ensures that funds are always routed to the correct location. In conclusion,

BSB numbers are an integral part of the banking system, enabling accurate identification and routing of funds.

They provide a standardized way to address bank branches, ensuring that transactions are processed efficiently. So, the next time you make a bank transfer or set up a direct debit, remember the importance of those six-digit BSB numbers.

They are the key to a smooth and hassle-free banking experience.

PEH System

When it comes to BSB numbers, there is another important component to consider the PEH system. PEH stands for “Payment Entry Hub,” which is a central infrastructure managed by the Reserve Bank of Australia (RBA) that facilitates the processing of electronic fund transfers between financial institutions in Australia.

This system plays a crucial role in the efficient and secure transfer of funds, and it is closely related to the BSB number provided. The PEH system acts as the intermediary between banks, processing millions of transactions each day.

It ensures that funds are transferred accurately and securely from the sender’s bank to the recipient’s bank. To achieve this, the PEH system uses BSB numbers as part of the identification and routing process.

When a bank receives a payment instruction, it utilizes the BSB number to determine the recipient’s bank and branch. The BSB number allows the PEH system to identify the specific payment hub associated with that bank and branch.

Once identified, the system routes the payment through the appropriate hub, ensuring that it reaches the intended recipient securely and efficiently.

Understanding BSB number structure

To fully grasp the significance of the BSB number and how it relates to the given BSB number of 062-289, let’s dive into its structure and decode its meaning. The BSB number consists of six digits divided into three parts: bank, state, and branch.

1. Bank: The first two digits of the BSB number represent the bank itself.

In the case of the provided BSB number 062-289, the bank code is 06, indicating that it belongs to the Commonwealth Bank. 2.

State: The next two digits represent the state or territory where the branch is located. In this case, 28 corresponds to New South Wales.

3. Branch: The final two digits denote the specific branch within the bank and state.

In our example, 89 signifies the Parramatta branch of the Commonwealth Bank. By understanding this structure, you can decipher the origin and destination of funds based on the BSB number provided.

In the case of 062-289, you can identify that the funds are being sent from or to a Commonwealth Bank branch in Parramatta, New South Wales. This breakdown and interpretation of the BSB number provide clarity and enable smooth processing of transactions.

It ensures that funds are directed to the correct bank and branch, minimizing potential errors in routing and ensuring efficient transaction processing. In conclusion, the PEH system and BSB numbers go hand in hand to facilitate the smooth transfer of funds between financial institutions in Australia.

The PEH system acts as the central hub, utilizing the BSB numbers to identify and route payments accurately and securely. Understanding the structure of the BSB number, such as the significance of different digits within the number, allows for seamless interpretation and processing of transactions.

So, the next time you make a transfer or set up a direct debit, keep in mind the vital role played by the PEH system and the BSB numbers assigned to banks and branches. They are the backbone of the banking system, ensuring the safe and efficient transfer of funds.

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