Bank Code Verified

063-170, BSB Number for Commonwealth Bank, South Yarra, VIC

BSB Number: 063-170

Bank: Commonwealth Bank

Financial Institution: CBA

Address: 102 Toorak Road

City: South Yarra

State: VIC

Postcode: 3141

System: PEHto BSB numbers: The Backbone of the Banking System

When it comes to the world of banking, there are numerous codes and numbers that play a crucial role in ensuring smooth transactions and identifying financial institutions. One such code is the BSB number.

In this article, we will delve into what BSB numbers are, their importance in the banking system, and how they are used for identification and routing of funds. So, fasten your seatbelts and get ready to explore the backbone of the banking system!

What are BSB Numbers?

BSB stands for Bank-State-Branch, and it is a six-digit number that uniquely identifies individual branches of financial institutions in Australia. These numbers are assigned by the Australian Payments Clearing Association (APCA) and play a vital role in facilitating electronic funds transfers (EFT) and other banking transactions within the country.

Importance of BSB Numbers in the Banking System

Just like how your social security number uniquely identifies you as an individual, BSB numbers are crucial in identifying specific financial institutions and their branches. They act as a digital fingerprint that ensures the smooth flow of funds and accurate routing of transactions.

Identification and Routing of Funds

BSB numbers come into play when you initiate a transfer of funds or make any type of payment that requires the movement of money from one institution to another. When you provide the BSB number of the recipient’s bank, it helps in identifying the exact branch of that bank where the account is held.

This is particularly important for larger financial institutions that may have multiple branches throughout Australia or even internationally. Moreover, BSB numbers are used for routing funds between banks.

When you initiate a transfer or payment, the BSB number helps in directing the funds to the correct financial institution and subsequently to the specific branch and account. This ensures that your funds are delivered without any errors or delays, regardless of whether you are making a payment to a business, an individual, or even another financial institution.

In addition to facilitating transactions, BSB numbers are also essential for verifying account details. When you provide your BSB number, it helps the recipient to validate that the information you have provided matches their records accurately.

This step ensures that the funds are being directed to the correct account and minimizes the chances of any unauthorized transactions.

BSB Numbers and the Commonwealth Bank

Now that we have a good understanding of what BSB numbers are and why they are essential, let’s take a closer look at one of Australia’s prominent financial institutions the Commonwealth Bank. The Commonwealth Bank, also known as CBA, is one of Australia’s largest banks and has been serving the nation for over a century.

With a wide network of branches spread across the country, the Commonwealth Bank has become a reliable and trusted institution for millions of Australians. Address: 102 Toorak Road, South Yarra, VIC 3141

One of the key aspects of the Commonwealth Bank that plays a significant role in the banking system is its BSB number, which is 063-170.

This BSB number is unique to the Commonwealth Bank and identifies its South Yarra branch, located at 102 Toorak Road, South Yarra, VIC 3141. System: PEH

The system code, PEH, associated with the Commonwealth Bank’s BSB number represents the internal processing system used by the bank to manage its transactions.

System codes are instrumental in ensuring that funds are routed through the correct internal systems and processes within a financial institution. In conclusion, BSB numbers are integral to the smooth functioning of the banking system in Australia.

They serve as a fundamental identifier for financial institutions and their branches, enabling accurate routing of funds and secure transactions. The Commonwealth Bank, with its BSB number 063-170 and its South Yarra branch at 102 Toorak Road, is a prime example of the importance of BSB numbers in the banking ecosystem.

So, the next time you make a payment or transfer funds, remember the unsung heroes behind it the BSB numbers!

PEH System: The Internal Machinery of the Commonwealth Bank

In our exploration of BSB numbers and their significance, we cannot miss out on understanding the PEH system and its relationship with the BSB number provided for the Commonwealth Bank. So, let’s dive right in and uncover the inner workings of this internal processing system.

What is the PEH System? PEH is an acronym that stands for Payment Entry Hub, which is the internal processing system used by the Commonwealth Bank.

This system plays a crucial role in managing and processing various types of transactions within the bank, ensuring efficiency and accuracy in the movement of funds.

Relationship between the PEH System and BSB Numbers

The PEH system is intricately tied to the BSB number assigned to each branch of the Commonwealth Bank, including the South Yarra branch (063-170). In fact, the presence of the system code in the BSB number itself indicates that the branch is utilizing the PEH system for its internal processes.

Understanding BSB Number Structure

To gain a deeper understanding of BSB numbers, let’s delve into the format and structure of these codes. BSB numbers consist of six digits and are divided into three distinct parts – the bank, state, and branch components.

The first two digits represent the bank component, indicating the specific financial institution. For example, the bank component for the Commonwealth Bank is 06, which is unique to the institution.

The next two digits represent the state component, signifying the state where the branch is located. In the case of the South Yarra branch of the Commonwealth Bank, the state component is 3, representing Victoria.

Lastly, the final two digits make up the branch component, which is specific to the individual branch. In this case, the branch component for the South Yarra branch is 170.

Significance of Different Digits within the BSB Number

Each digit within the BSB number holds significance and contributes to the overall identification and routing process. Let’s break down the BSB number provided for the Commonwealth Bank’s South Yarra branch (063-170) to understand its meaning.

The first two digits, 06, represent the bank component and signify that the branch belongs to the Commonwealth Bank. This identification ensures that transactions and transfers involving this branch are accurately attributed to the correct institution.

The third digit, 3, denotes the state component and indicates that the branch is located in Victoria. This information helps in routing funds to the correct state within Australia, ensuring that they are directed to the appropriate branch.

Lastly, the branch component, 170, is specific to the South Yarra branch. This crucial digit distinguishes the branch from other branches of the Commonwealth Bank within Victoria.

It enables accurate identification and ensures that funds intended for the South Yarra branch are routed correctly. To summarize, the BSB number structure consists of the bank, state, and branch components, each designated by two digits.

The different digits within the BSB number hold significance in identifying the financial institution, state, and individual branch. This structure helps in accurately routing funds and ensuring that transactions are processed smoothly.

The PEH system, with its payment entry hub acronym, plays a vital role within the Commonwealth Bank. It is closely integrated with BSB numbers, as indicated by the system code present within the BSB number itself.

This system facilitates the internal processing of various transactions within the Commonwealth Bank, ensuring efficiency and accuracy every step of the way. In conclusion, understanding the PEH system and the structure of BSB numbers enhances our knowledge of the intricate mechanisms that keep the banking system running smoothly.

The BSB number assigned to the Commonwealth Bank’s South Yarra branch (063-170) provides a glimpse into the internal processes of the bank, while the PEH system operates behind the scenes, tirelessly handling transactions within the institution. Together, they form a powerful duo in the banking world, guaranteeing seamless financial operations for the Commonwealth Bank and its customers.

Popular Posts