Bank Code Verified

063-166, BSB Number for Commonwealth Bank, Richmond, VIC

BSB Number: 063-166

Bank: Commonwealth Bank

Financial Institution: CBA

Address: 224 Swan St

City: Richmond

State: VIC

Postcode: 3121

System: PEHto BSB numbers

Have you ever wondered how banks transfer funds from one account to another? It’s not magic, but rather a systematic process facilitated by BSB numbers.

These unique numbers play a crucial role in identifying and routing funds within the banking system. In this article, we will delve into the world of BSB numbers, exploring their importance and how they are used for seamless financial transactions.

Topic 1: Importance of BSB numbers

BSB numbers, also known as Bank-State-Branch numbers, are a unique numerical identifier assigned to each branch of a bank in Australia. They are a vital part of the Australian banking system, serving multiple purposes.

Identification of bank branches: Each BSB number is specific to a particular bank branch, ensuring that every branch within the bank has a distinct identifying code. For example, the BSB number 063-166 corresponds to the Commonwealth Bank’s Swan St branch in Richmond, VIC.

This identification aspect helps banks and customers to pinpoint the exact location of transactions and inquiries. Routing of funds: BSB numbers facilitate the efficient transfer of funds between different bank accounts.

When initiating a transfer, the sender must provide both the BSB number and the recipient’s account number. The BSB number acts as a routing code, directing the funds to the correct bank branch.

Without the BSB number, the transaction would be like trying to send a letter without a postal address. Enhanced transaction accuracy: BSB numbers eliminate the risk of human error when processing transactions.

By using these specific codes, banks can ensure that funds are directed to the right branch and account number. This system prevents erroneous transfers that could otherwise lead to financial losses or delays.

Topic 2: Commonwealth Bank

The Commonwealth Bank, also known as CBA, is one of Australia’s leading financial institutions. Let’s take a closer look at this world-renowned bank and its contributions to the country’s banking system.

Overview: Established in 1911, the Commonwealth Bank has a rich history and has played a vital role in shaping Australia’s financial landscape. As one of the “Big Four” banks in Australia, it provides a wide range of banking and financial services to millions of customers.

Services: The Commonwealth Bank offers a comprehensive suite of services tailored to meet customers’ financial needs. From personal banking, business banking, and institutional banking to wealth management, the bank has all bases covered.

It provides various products such as savings accounts, credit cards, loans, insurance, and investment options. Innovation: CBA has always been at the forefront of innovation in the banking industry.

Over the years, the bank has introduced numerous groundbreaking advancements to enhance customer experience. One such innovation is the CommBank app, which allows customers to perform transactions, track expenses, and access a range of financial tools from their mobile devices.

Community involvement: The Commonwealth Bank is actively involved in giving back to the community through various initiatives. It supports initiatives in education, environmental sustainability, and social inclusion.

The bank also focuses on promoting financial literacy and empowering individuals to make informed financial decisions. Conclusion:

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

They allow banks to seamlessly transfer money between accounts and enable customers to conduct transactions with ease and peace of mind. The Commonwealth Bank, with its rich history and innovative solutions, continues to be a trusted and reliable financial institution, serving the diverse needs of its customers.

Topic 3: PEH System

The PEH system stands for the Payment Event Handler system. It is an integral part of Australia’s banking infrastructure and is directly related to the BSB number provided.

In this section, we will explore what the PEH system entails and its role in facilitating efficient financial transactions. The Payment Event Handler system is a sophisticated electronic platform developed by the Australian Payments Network (APN).

It acts as a central hub for processing and managing various types of payments, ensuring their smooth and timely execution. The PEH system is responsible for handling transactions such as direct debit, electronic fund transfers, and BPAY payments.

One of the key functions of the PEH system is to validate and route payments based on the BSB number provided. When initiating a payment, the sender includes the BSB number of the recipient’s bank branch.

The PEH system then uses this information to ensure that the funds are directed accurately to the intended recipient. It verifies the BSB number and matches it with the corresponding bank branch in its database.

This verification process ensures that funds are not misrouted or lost during the transaction. The PEH system also plays a crucial role in real-time payments.

With the advent of the New Payments Platform (NPP), the PEH system has been enhanced to support near-instantaneous, 24/7 fund transfers. When making a real-time payment, the BSB number is used by the PEH system to identify the recipient’s bank branch and process the transaction in real-time.

This advancement in payment capabilities has revolutionized the way Australians conduct financial transactions, allowing for faster and more efficient fund transfers. The Payment Event Handler system is continuously updated and maintained to ensure that it remains secure and reliable.

It incorporates robust security measures to protect sensitive financial data and prevent fraudulent activities. This includes encryption protocols, authentication mechanisms, and strict access controls.

By leveraging advanced technology and adhering to stringent security standards, the PEH system ensures that payments are processed securely and with utmost confidentiality. In summary, the PEH system is a vital component of Australia’s banking infrastructure, providing a centralized platform for processing and managing various payments.

It plays a crucial role in validating and routing funds based on the BSB number provided, ensuring accurate and efficient financial transactions. With the implementation of real-time payments, the PEH system has further enhanced the speed and convenience of fund transfers, revolutionizing the way Australians conduct their banking activities.

Topic 4: Understanding BSB number structure

To fully understand BSB numbers and their significance, it is essential to have an understanding of their structure and how to interpret them. BSB numbers are made up of six digits and follow a specific format.

Let’s explore the different parts of a BSB number and how they relate to the provided BSB number, 063-166. The first two digits: The first two digits of a BSB number represent the bank code.

In the case of the provided BSB number, 06, it indicates that the bank is the Commonwealth Bank. Each bank in Australia has a unique bank code that distinguishes it from other financial institutions.

The third digit: The third digit of a BSB number signifies the state in which the bank branch is located. For the BSB number 063-166, the digit 3 indicates that the bank branch is in the state of Victoria (VIC).

The fourth digit: The fourth digit of a BSB number is known as the district code. It further specifies the location of the bank branch within the state.

In this case, the digit 1 signifies that the Commonwealth Bank branch is located in the district of Richmond. The fifth and sixth digits: The fifth and sixth digits of a BSB number represent the branch code.

They help identify the specific branch within the district. In our example, the digits 66 indicate that the Commonwealth Bank branch on Swan St in Richmond has the branch code 66.

By breaking down the BSB number 063-166, we can interpret its structure and gain valuable information. The number 06 tells us that the bank is the Commonwealth Bank.

The digit 3 lets us know that the bank branch is located in Victoria. The digit 1 indicates that it is situated in Richmond.

Lastly, the digits 66 reveal that the specific branch on Swan St in Richmond has the branch code 66. Understanding the structure of BSB numbers enables both banks and customers to identify the exact location of transactions, ensuring accurate routing of funds.

It also helps in streamlined record-keeping and efficient management of bank branches within the system. In conclusion, BSB numbers follow a specific structure with each digit carrying a particular significance.

By decoding the structure, we can extract valuable information about the bank, state, district, and branch associated with a BSB number. This understanding is crucial for accurate identification and routing of funds within the banking system.

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