Bank Code Verified

063-181, BSB Number for Commonwealth Bank, Footscray, VIC

BSB Number: 063-181

Bank: Commonwealth Bank

Financial Institution: CBA

Address: Shop 2 22-24 Paisley St

City: Footscray

State: VIC

Postcode: 3011

System: PEHto BSB numbers

In the world of banking, there is a critical component that often goes unnoticed: BSB numbers. These alphanumeric codes may seem insignificant, but they play a vital role in the smooth functioning of the banking system.

BSB numbers, or Bank-State-Branch numbers, are unique identifiers that help banks direct funds accurately and efficiently. In this article, we will explore the importance of BSB numbers and how they are used in the banking system, focusing specifically on the Commonwealth Bank of Australia.

Identification and Routing of Funds

BSB numbers act as the backbone of the banking system, facilitating the identification and routing of funds. When a customer initiates a transaction, whether it be depositing money into another account or making a payment, the BSB number ensures that the funds reach the intended recipient seamlessly.

Each BSB number is unique to a particular bank, branch, and state. This means that it provides specific information about the financial institution and the branch where the account is held.

With this information, the banking system can accurately identify where the funds need to be directed. For example, let’s say you own an account with Commonwealth Bank located in Footscray, Victoria.

The BSB number for this branch is 063-181. This code reveals that the bank is the Commonwealth Bank (CBA), the branch is in Footscray, and it operates in Victoria.

With this BSB number, any transaction sent to your account can be easily routed to the correct destination without any confusion or delay. BSB numbers are essential for a variety of transactions, including direct debits, electronic funds transfers (EFT), and setting up new accounts.

When making any transaction, you will need to provide the BSB number of the recipient’s bank branch. This ensures that the funds are correctly directed, and there is no room for errors or misplacement.

The Importance of Accurate BSB Numbers

Accurate BSB numbers are crucial for the banking system to function smoothly. Any incorrect or invalid BSB number can lead to failed transactions, delays in processing, or even loss of funds.

That is why it is essential for customers to double-check the BSB number before initiating any transaction. Fortunately, the banking system provides various tools to verify BSB numbers.

Customers can use online banking platforms or contact their respective banks to confirm the accuracy of the BSB number they intend to use. It is always better to be safe than sorry when it comes to money matters.

BSB Numbers and the Commonwealth Bank

Now that we understand the significance of BSB numbers let’s delve deeper into their role within the Commonwealth Bank. As one of Australia’s leading financial institutions, the Commonwealth Bank has a vast network of branches and customers across the country.

The bank assigns unique BSB numbers to each of its branches to facilitate seamless fund transfers and account management. For instance, the Footscray branch of the Commonwealth Bank has the BSB number 063-181.

This BSB number helps distinguish this particular branch among the numerous other branches of the bank. It allows customers to easily direct funds to and from accounts held at the Footscray branch.

BSB numbers are essential not only for customer transactions but also for internal operations within the Commonwealth Bank. These numbers help the bank automate various processes, such as reconciling transactions, identifying duplicate payments, and managing accounts efficiently.

This automation reduces the risk of human error and ensures that operations run smoothly.

Conclusion

BSB numbers may seem insignificant at first glance, but they play a critical role in the banking system. They provide essential information about the recipient’s financial institution and branch, enabling accurate identification and routing of funds.

The Commonwealth Bank, with its extensive network of branches and customers, relies on BSB numbers to ensure seamless transactions for its customers. Next time you make a payment or transfer funds, remember the importance of BSB numbers.

Double-checking these numbers will help safeguard your money and facilitate smooth transactions, saving you time and headaches.

PEH System

In the realm of banking, there are several different systems and processes that work behind the scenes to ensure the smooth functioning of transactions. One such system is the PEH system.

PEH stands for Payments Entry Hub, and it plays a crucial role in the processing and routing of payments within the banking system. In this section, we will explore what the PEH system entails and how it relates to the BSB number provided, specifically for the Commonwealth Bank.

The PEH system is essentially a central hub that facilitates the entry and processing of payments in the banking system. It acts as a gatekeeper, receiving and validating payment requests, and then forwarding them to the appropriate financial institutions for further processing.

This system ensures that each payment is properly authenticated, verified, and correctly routed to the intended recipient. The PEH system is responsible for handling various types of payments, including direct credits, direct debits, and electronic funds transfers (EFT).

It plays a crucial role in ensuring that these transactions are executed efficiently and securely, minimizing the risk of errors or fraudulent activities. Now let’s dive into how the PEH system relates to the BSB number provided 063-181 for the Footscray branch of the Commonwealth Bank.

When a payment is initiated or received, the PEH system uses the BSB number to identify the recipient’s financial institution and specific branch. This information allows the PEH system to route the payment accurately and efficiently.

For example, if you were to make a payment to someone who holds an account at the Footscray branch of the Commonwealth Bank, you would need to provide their BSB number, which is 063-181. When you initiate the payment, the PEH system receives the request and retrieves the BSB number provided.

It then utilizes this information to identify the recipient’s financial institution, in this case, the Commonwealth Bank, and directs the payment to the appropriate branch, which is Footscray. The PEH system acts as a bridge between the sender and the recipient, ensuring that the funds are efficiently transferred from one account to another.

It eliminates the need for manual intervention, allowing for faster and more reliable transactions.

Understanding BSB Number Structure

Now that we have explored the relationship between the PEH system and the BSB number provided, it is crucial to understand the structure and format of BSB numbers. BSB numbers consist of six digits, which are further divided into three groups.

The first two digits represent the bank, the third and fourth digits represent the state, and the last two digits represent the specific branch. In the case of the BSB number 063-181 assigned to the Footscray branch of the Commonwealth Bank, we can break it down to understand its components.

The first two digits, 06, represent the Commonwealth Bank. This identifier tells us that the account is held at the Commonwealth Bank.

The next two digits, 3-1, represent the state. In this instance, the state is Victoria, as indicated by the digit 3.

This allows the PEH system to accurately route the funds to the appropriate state. Finally, the last two digits, 81, denote the specific branch.

For the Footscray branch of the Commonwealth Bank, the digit is 81. This number tells the PEH system to direct the funds to the Footscray branch specifically.

The BSB number’s structure provides a high level of precision and accuracy in routing payments within the banking system. Each digit carries specific information, enabling the PEH system to navigate through the vast network of banks, branches, and states to ensure seamless transactions.

Conclusion

The PEH system plays a vital role in the processing and routing of payments within the banking system. It acts as a central hub, receiving and validating payment requests, and then directing them to the appropriate financial institutions.

The BSB number assigned to each branch, such as 063-181 for the Footscray branch of the Commonwealth Bank, is used by the PEH system to identify the recipient’s financial institution and route the funds accurately. Understanding the structure and format of BSB numbers is essential for customers and banking professionals alike.

It ensures that transactions are executed efficiently, mitigating the risk of errors or delays. Additionally, the PEH system’s role in validating payments adds an extra layer of security to the banking system, safeguarding customers’ funds.

Next time you come across a BSB number, remember that it is part of a broader system the PEH system that works tirelessly to ensure the smooth functioning of the banking system. By understanding these systems, you can navigate the world of banking with confidence and peace of mind.

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