Bank Code Verified

063-479, BSB Number for Commonwealth Bank, Templestowe Lower, VIC

BSB Number: 063-479

Bank: Commonwealth Bank

Financial Institution: CBA

Address: 7-9 The Mall

City: Templestowe Lower

State: VIC

Postcode: 3107

System: PEHto BSB numbers:

Imagine a world without bank accounts, where every financial transaction had to be done in person with cash. It sounds inconvenient and impractical, doesn’t it?

Thankfully, we live in a modern world where banking has become more accessible and convenient than ever before. One key component of the banking system that ensures smooth and efficient transactions is the BSB number.

What are BSB numbers? BSB stands for Bank State Branch, and it is a unique identifying code assigned to each bank and branch in Australia.

Just like we have social security numbers or identification numbers, BSB numbers serve as a way to identify and route funds to their intended recipients. The structure of a BSB number:

A BSB number is a six-digit code that is divided into two parts: the first two digits represent the bank code, while the next four digits represent the branch code.

For example, in the BSB number 063-479, 063 represents the Commonwealth Bank (the bank code), and 479 represents the specific branch of the Commonwealth Bank (the branch code). The importance of BSB numbers in the banking system:

BSB numbers play a crucial role in the banking system.

They ensure that funds are routed accurately and securely from one account to another. Without BSB numbers, financial institutions would struggle to identify the correct branch associated with a particular account, resulting in delays and errors in processing transactions.

How are BSB numbers used for identification and routing of funds? 1.

Identifying the correct bank and branch:

When you provide your BSB number to someone who wants to transfer funds to your account, you are essentially giving them the information they need to identify the correct bank and branch associated with your account. This eliminates any ambiguity and ensures that the funds are directed to the right place.

2. Routing of funds:

BSB numbers also play a crucial role in routing funds.

When you initiate a transfer or payment, your bank uses the BSB number provided to determine the correct destination for the funds. The BSB number helps in directing the funds to the specific branch associated with the recipient’s account.

3. Electronic funds transfer:

BSB numbers are particularly important in electronic funds transfers.

When you transfer funds electronically, the BSB number is used to identify the recipient’s bank and branch. This ensures that the funds are credited to the correct account, even if the account number alone is not sufficient to determine the destination.

It’s important to note that BSB numbers are unique to Australia and are not used internationally. Each country has its own system for identifying and routing funds, making BSB numbers specific to the Australian banking system.

In conclusion, BSB numbers are a vital part of the Australian banking system. They serve as a unique identifier for banks and branches, ensuring accurate and secure routing of funds.

Without BSB numbers, financial transactions would be more cumbersome and prone to errors. So the next time you make a bank transfer or provide your BSB number to someone, remember the important role it plays in facilitating smooth and efficient transactions.

Topic 3: PEH System

In addition to BSB numbers, the Australian banking system also utilizes another important code, known as the PEH system. PEH stands for Payments Event Hub, and it is a centralized platform that facilitates real-time processing and settlement of payments.

The PEH system acts as a hub where all payment events, such as transfers, deposits, and withdrawals, are processed and settled instantaneously. By using this system, banks can ensure faster and more efficient payment processing, reducing the time it takes for funds to be credited or debited from an account.

So, how does the PEH system relate to the BSB number provided? The BSB number, along with the account number, is used to identify the specific bank, branch, and account associated with a payment event.

When you initiate a payment, the BSB number is used to direct the funds to the correct bank and branch, and the PEH system ensures that the transaction is processed in real-time. The PEH system has revolutionized the way payments are handled in Australia.

It has replaced the old batch processing system, where payments were processed in batches at specific times throughout the day. With the PEH system, transactions are processed instantly, allowing for quicker access to funds and faster confirmation of payments.

Not only does the PEH system benefit individuals and businesses, but it also improves overall financial system stability. By settling payments in real-time, banks have more accurate and up-to-date information about their liquidity positions, enabling them to manage their resources more effectively.

Additionally, the PEH system helps prevent fraud and reduces the risk of double spending, enhancing the security of the payment system. Topic 4: Understanding BSB number structure

Now, let’s delve deeper into the structure of BSB numbers and understand how they are broken down and interpreted.

The BSB number is a six-digit code, with the first two digits representing the bank code and the next four digits representing the branch code. Each digit within the BSB number has a specific significance:

1.

The first digit:

The first digit in the BSB number represents the bank code, which identifies the financial institution. In the case of the BSB number 063-479, the first digit “0” indicates that it belongs to the Commonwealth Bank.

2. The second digit:

The second digit further specifies the bank code.

Each bank has its own unique second digit. In the case of Commonwealth Bank, the second digit is “6,” indicating that it is the specific code assigned to the bank.

3. The third to sixth digits:

The remaining four digits in the BSB number represent the branch code.

This code helps identify the specific branch associated with the bank. In the BSB number 063-479, “3479” represents the specific branch of the Commonwealth Bank located at 7-9 The Mall, Templestowe Lower, VIC, 3107.

Breaking down the BSB number provided:

Now, let’s break down the BSB number 063-479 to understand its meaning. The first digit “0” tells us that the bank associated with this BSB number is the Commonwealth Bank.

The second digit “6” refers to a specific code assigned to the Commonwealth Bank. The last four digits “3479” represent the branch code.

This code allows us to identify the specific branch of the Commonwealth Bank located at 7-9 The Mall, Templestowe Lower, VIC, 3107. By having a clear understanding of the BSB number structure, you can easily interpret and identify the associated bank and branch.

This knowledge is crucial when providing your BSB number to others for initiating transactions or when you need to verify details related to your bank account. In conclusion, BSB numbers are a fundamental part of the Australian banking system.

They serve as a unique identifier for banks and branches, ensuring accurate routing of funds. Understanding the structure and significance of each digit within the BSB number allows for easy interpretation and identification of the associated financial institution and branch.

Furthermore, the PEH system complements the BSB number by facilitating real-time payment processing and settlement, enhancing the speed and efficiency of transactions. Together, these components contribute to a robust and reliable banking system in Australia.

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