Bank Code Verified

062-624, BSB Number for Commonwealth Bank, Wollongong, NSW

BSB Number: 062-624

Bank: Commonwealth Bank

Financial Institution: CBA

Address: 141 – 145 Crown Street

City: Wollongong

State: NSW

Postcode: 2500

System: PEHto BSB numbers: What are they and why are they important in the banking system? In the vast world of banking and finance, a complex system exists to ensure that funds can be safely transferred from one account to another.

One crucial component of this system is the BSB number. BSB stands for Bank State Branch, and it is a unique identifier for each bank and branch within a specific country.

In Australia, BSB numbers are the code used to identify individual bank branches to facilitate accurate and speedy fund transfers. They play a vital role in ensuring that money reaches the intended recipient without any errors or delays.

Identification and Routing

BSB numbers are used to identify the financial institution and the branch where a specific account is held. This identification is necessary to correctly route funds during electronic transactions.

When money is transferred from one account to another, the BSB number helps pinpoint the exact location where the recipient’s account resides.

Think of BSB numbers as a navigation system for money.

They are like the precise coordinates that guide funds through the vast banking network. This identification and routing process is crucial for the seamless and secure transfer of funds.

The Importance of BSB numbers

BSB numbers are of paramount importance in the banking system for several reasons:

1. Accuracy: By using BSB numbers, banks can ensure that money is directed to the correct recipient.

These numbers eliminate the risks associated with manually inputting the wrong information or misidentifying a particular branch. 2.

Speed: With the help of BSB numbers, transfers can be processed efficiently, which saves time for both senders and receivers. The system enables funds to be swiftly directed to the intended destination, minimizing delays in the payment process.

3. Automated Processing: BSB numbers are a critical component of automated banking processes.

They allow computers to efficiently carry out tasks like debiting or crediting accounts, saving time and reducing the chance of errors. 4.

Reliable Routing: BSB numbers provide a high level of security and reliability in the routing of funds. They ensure that money is channeled through the correct financial institution and branch, giving peace of mind to both banks and their customers.

5. Transfer Verification: BSB numbers also serve as a verification tool during fund transfers.

By confirming that the BSB number matches the bank and branch stated, senders can validate the accuracy of recipient account details, reducing the risk of sending money to the wrong account.

Conclusion

In conclusion, BSB numbers are a vital part of the banking system in Australia. They facilitate accurate and efficient fund transfers by providing unique identification and routing information.

These numbers ensure that money reaches the intended recipient promptly and without any errors. Understanding BSB numbers is essential for anyone who wants to navigate the complex world of electronic banking transactions.

So next time you make a payment, remember the importance of those five digits that ensure your funds are on the right track. Now, you can confidently navigate the world of banking knowing the significance of BSB numbers.

PEH System: A Closer Look at its Relationship with BSB Numbers

In the realm of banking and finance, numerous systems and frameworks work cohesively to ensure the smooth operation of fund transfers and transactions. One such system is the PEH system, which is closely related to BSB numbers and plays a crucial role in identifying and routing funds accurately.

PEH stands for Primary Electronic Holder, and it is a system used by financial institutions in Australia to manage and process electronic payments. This system is primarily responsible for verifying the authenticity of BSB numbers and ensuring that transactions are securely routed to the correct accounts.

The PEH system acts as a central hub where BSB numbers are stored and managed. It maintains a comprehensive database of BSB numbers and their corresponding financial institutions and branches.

When a payment is initiated, the PEH system checks the validity of the BSB number provided and verifies its accuracy.

How the PEH System Works

To understand the role of the PEH system in the banking process, let’s take a closer look at how it functions:

1. Validation of BSB Numbers: When a sender enters a BSB number during a transaction, the PEH system is activated to verify its authenticity.

It checks whether the BSB number exists within its database and matches it to the correct financial institution and branch. 2.

Address Resolution: In addition to validating the BSB number, the PEH system also resolves the address associated with the BSB number. It retrieves the relevant address details, such as street name, city, state, and postcode, which are essential for accurate fund routing.

3. Routing and Processing: Once the BSB number and address details have been verified, the PEH system facilitates the routing and processing of the transaction.

It ensures that the funds are directed to the correct financial institution, branch, and account. 4.

Security and Accuracy: Through the PEH system, banks and financial institutions can ensure the security and accuracy of electronic payments. By relying on this system, they can minimize the risks of fraudulent activity and inaccurate fund transfers.

BSB Number Structure: An In-Depth Analysis

Now that we understand the role of the PEH system in relation to BSB numbers, let’s delve into the structure and significance of BSB numbers themselves. BSB numbers in Australia consist of six digits that are divided into three parts.

1. The first two digits: These represent the bank or financial institution code.

Each bank in Australia is assigned a unique two-digit code. For example, the BSB number 06-2624 belongs to Commonwealth Bank.

2. The third digit: This digit signifies the state or territory where the branch is located.

In the case of 06-2624, the number 2 indicates that the branch is located in New South Wales. 3.

The last three digits: These digits identify the specific branch within the financial institution. Each branch is assigned a unique three-digit number.

In the BSB number 06-2624, the last three digits, 624, represent the branch located at 141-145 Crown Street in Wollongong.

Significance of Different Digits

Within a BSB number, each digit holds a specific significance:

1. Bank Code: The first two digits denote the bank or financial institution.

Different banks have unique codes assigned to them, ensuring accurate identification during transactions. 2.

State/Territory Identifier: The third digit indicates the state or territory where the branch is situated. This digit helps route funds to the correct region, ensuring they are handled by the appropriate financial institution.

3. Branch Identifier: The last three digits differentiate the specific branch within the bank.

They ensure that funds are routed accurately within the chosen financial institution, helping to avoid any confusion or misdirection.

Interpreting the Given BSB Number

Now that we have a comprehensive understanding of the structure and significance of BSB numbers, let’s break down and interpret the provided BSB number, 06-2624:

– Bank Code: The first two digits, 06, represent the bank code for Commonwealth Bank. – State/Territory Identifier: The third digit, 2, indicates that the branch is located in New South Wales.

– Branch Identifier: The last three digits, 624, identify the specific branch at 141-145 Crown Street in Wollongong. By analyzing the BSB number 06-2624, we can ascertain that it belongs to Commonwealth Bank, with the branch located in Wollongong, New South Wales.

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Conclusion

The PEH system and BSB numbers work in harmony to ensure the accurate and secure routing of funds in the Australian banking system. The PEH system validates BSB numbers, verifies addresses, and facilitates the routing of electronic payments.

On the other hand, BSB numbers themselves provide unique identification for financial institutions, branches, and accounts. Understanding the structure and significance of BSB numbers aids in accurate fund transfers and helps prevent errors and misdirection.

With this knowledge, individuals can navigate the complexities of the banking system with confidence, knowing that their funds will be securely and accurately processed. The relationship between the PEH system and BSB numbers is a vital aspect of the efficient functioning of the Australian banking system.

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