Bank Code Verified

063-313, BSB Number for Commonwealth Bank, Balwyn, VIC

BSB Number: 063-313

Bank: Commonwealth Bank

Financial Institution: CBA

Address: 333 Whitehorse Road

City: Balwyn

State: VIC

Postcode: 3103

System: PEH

BSB numbers are a vital part of the Australian banking system, serving as a unique identifier for each financial institution. These numbers, consisting of six digits, play a crucial role in the identification and routing of funds, ensuring that money is transferred accurately and securely between accounts.

In simple terms, a BSB number is a code that represents a specific bank and its branch. It stands for ‘Bank-State-Branch’ and is used by financial institutions to identify where a bank account is held.

The first two digits of the BSB number indicate the bank, while the following four digits specify the branch. For example, the BSB number 063-313 for Commonwealth Bank denotes the bank as ’06’ and the specific branch as ‘3313’.

When making a payment or transfer, BSB numbers are used to ensure that the funds reach the correct destination. By including the BSB number along with the account number, banks can accurately identify the recipient’s bank and branch.

This is particularly important in a country like Australia, where there are numerous banks and branches operating nationwide. BSB numbers are also essential for the routing of funds.

When a payment is initiated, the sender’s bank uses the BSB number to determine the recipient’s bank and branch. The funds are then routed through the appropriate channels to reach the intended account.

This routing process is critical for both domestic and international transfers, as it ensures that money is directed to the correct financial institution. Additionally, BSB numbers facilitate the sharing of financial information between banks.

They are used in various electronic payment systems, such as the Bulk Electronic Clearing System (BECS) and the New Payments Platform (NPP), to enable seamless transfers and direct debit transactions. These systems rely on the accurate input of BSB numbers to ensure smooth and error-free processing of payments.

The importance of BSB numbers in the banking system cannot be overstated. Without them, it would be extremely challenging for banks to identify and route funds accurately.

Mistakes in account details could lead to delays, misdirection of funds, or even loss of money. BSB numbers provide the necessary framework for secure and efficient financial transactions, giving customers confidence in the reliability of the banking system.

In conclusion, BSB numbers are a fundamental aspect of the Australian banking system, serving as unique identifiers for financial institutions. They play a crucial role in the identification and routing of funds, ensuring that money is transferred accurately and securely.

By using BSB numbers, banks can easily identify the recipient’s bank and branch, facilitating seamless transfers and payment processing. The importance of these numbers in maintaining the integrity of the banking system cannot be overlooked, as they provide the necessary framework for efficient financial transactions.

Topic 3: PEH System

The PEH system stands for Payment Event Hub, which is a centralized platform used by banks in Australia for the processing and settlement of payments. This system plays a crucial role in ensuring the smooth and efficient transfer of funds between different financial institutions.

The PEH system works in conjunction with BSB numbers to facilitate the routing and processing of payments. When a payment is initiated, the sender’s bank uses the BSB number to identify the recipient’s bank and branch.

This information is then relayed to the PEH system, which acts as a central hub where payments are processed and settled. Once the payment information reaches the PEH system, it goes through a series of checks and validations to ensure its accuracy and completeness.

The system verifies the BSB number, account details, and available funds to ensure that the payment can be successfully processed. It also performs additional security checks to identify any potential fraud or suspicious activity.

After the payment has been processed and authorized, the PEH system initiates the settlement process. Settlement involves the actual transfer of funds from the sender’s bank to the recipient’s bank.

The PEH system coordinates this transfer, ensuring that the correct amount is debited from the sender’s account and credited to the recipient’s account. Throughout the entire payment process, the PEH system keeps track of the transaction, providing necessary information to the involved parties.

It generates unique payment identification numbers, or Payment Event Reference (PER) numbers, which are used for reference and tracking purposes. These PER numbers help banks and customers track the progress of their payments and provide a reliable audit trail.

The PEH system offers several advantages for both banks and customers. Firstly, it ensures the efficient and timely processing of payments, minimizing delays and improving overall customer satisfaction.

It also enhances the security of transactions by performing various checks and validations to identify and prevent fraudulent activities. Moreover, the system provides transparency and visibility, allowing customers to track their payments and access detailed information about their transactions.

In conclusion, the PEH system, or Payment Event Hub, is a centralized platform used by Australian banks for the processing and settlement of payments. It works in conjunction with BSB numbers to facilitate the routing and processing of funds.

The PEH system plays a crucial role in ensuring the smooth and efficient transfer of funds between different financial institutions. With its advanced features and capabilities, it enhances security, transparency, and efficiency in the Australian banking system.

Topic 4: Understanding BSB Number Structure

The structure of BSB numbers consists of six digits, each serving a specific purpose in identifying the bank and branch associated with a particular account. Understanding the format and significance of these digits is important for interpreting and using BSB numbers accurately.

The first two digits of a BSB number represent the bank identifier. Each bank operating in Australia is assigned a unique two-digit code.

For example, the Commonwealth Bank is identified by the code ’06’. This ensures that payments and transfers are directed to the correct financial institution.

The next four digits of the BSB number indicate the specific branch of the bank. These digits help identify the location where the account is held.

For instance, in the BSB number 063-313, the branch code ‘3313’ signifies the Balwyn branch of the Commonwealth Bank in Victoria. The significance of the branch digits can be further understood by breaking them down into two parts.

The first two digits of the branch code represent the state or territory where the branch is located. In this example, ’33’ indicates the state of Victoria.

The remaining two digits of the branch code provide a more specific identification of the branch within the state. In the BSB number 063-313, ’13’ signifies the Balwyn branch within Victoria.

By understanding the structure and significance of BSB numbers, individuals and businesses can ensure the accurate routing of funds and efficient processing of payments. When initiating a payment or transfer, it is vital to provide the correct BSB number, taking into account both the bank and branch identifier.

Any errors or omissions could result in delays or misdirection of funds. In conclusion, BSB numbers have a specific structure consisting of six digits that serve to identify the bank and branch associated with a particular account.

The first two digits represent the bank identifier, while the following four digits specify the branch. By understanding and interpreting the format of BSB numbers, individuals and businesses can ensure accurate routing of funds and reliable payment processing.

It is essential to provide the correct BSB number when initiating a payment to ensure the successful transfer of funds.

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