Bank Code Verified

063-550, BSB Number for Commonwealth Bank, Mount Eliza, VIC

BSB Number: 063-550

Bank: Commonwealth Bank

Financial Institution: CBA

Address: 92 Mt Eliza Way

City: Mount Eliza

State: VIC

Postcode: 3930

System: PEHto BSB numbers

In the vast world of banking, there are numerous identification codes and numbers that can often seem confusing to the average person. One such code that plays a pivotal role in the banking system is the BSB number.

Short for Bank/State/Branch number, BSB numbers serve as a crucial tool for identifying and routing funds within the banking system. In this article, we will delve into the importance of BSB numbers, their role in identification and routing of funds, and how they contribute to the smooth functioning of the banking system.

Importance of BSB numbers in the banking system

BSB numbers play a vital role in the banking system by ensuring accurate identification and efficient routing of funds. Think of them as the postal codes of the banking world, but instead of guiding mail to its destination, they guide funds from one bank account to another.

BSB numbers are unique to each bank branch and serve as an essential tool for distinguishing between different banks and branches within a financial institution.

Identification and routing of funds using BSB numbers

When a customer initiates a funds transfer, whether it be a simple transfer between their own bank accounts or a transaction to another party, the BSB number is used to identify the recipient’s bank and branch. This identification process is crucial for ensuring that the funds are sent to the correct destination.

Once the recipient’s bank and branch have been identified using the BSB number, the funds are then routed accordingly. The BSB number acts as a guide, directing the funds through the banking system to the correct branch and account.

Without BSB numbers, funds may get lost or misdirected, causing unnecessary delays and complications. In addition to identification and routing, BSB numbers also play a role in validating the accuracy of account details.

When initiating a funds transfer, the sender must provide the recipient’s BSB number along with their account number. This combination of BSB number and account number acts as a verification process to ensure that the funds are being transferred to the correct recipient.

BSB numbers also enable banks to streamline their internal processes. By using BSB numbers, banks can easily identify and categorize transactions, making it easier to track and reconcile funds within their own systems.

The role of BSB numbers in the wider banking system

BSB numbers not only facilitate individual transactions but also play a crucial role in the wider banking system. They enable banks to communicate and connect with each other, ensuring that funds can flow seamlessly between different financial institutions.

BSB numbers act as a standardized system that allows banks to interact and collaborate, ultimately benefiting customers by ensuring the reliability and efficiency of their transactions. In conclusion, BSB numbers are an integral part of the banking system with their importance lying in the accurate identification and efficient routing of funds.

They act as unique codes that distinguish between different banks and branches, ensuring that funds are sent to the correct destination. Beyond individual transactions, BSB numbers also contribute to the smooth functioning of the wider banking system by enabling banks to communicate and collaborate.

So, the next time you initiate a funds transfer or receive money into your account, spare a thought for the humble BSB number that plays an invisible yet essential role in making it all happen seamlessly.

PEH System and its Relationship with the Provided BSB Number (Topic 3)

In the realm of banking, acronyms and systems are aplenty. One such system that is often mentioned alongside BSB numbers is the PEH system, which stands for Payment Event Handling.

The PEH system plays a crucial role in facilitating the smooth processing of payments within the banking system, and it is closely related to the BSB number provided. In this section, we will delve into the intricacies of the PEH system, its relationship with the BSB number, and how it contributes to the efficient handling of payments.

The PEH system is a framework implemented by the banking industry to handle events related to the processing of payments. Payment events encompass various transactions, including funds transfers, bill payments, direct debits, and more.

The PEH system acts as a central hub where these events are captured, processed, and distributed to the relevant financial institutions or parties involved. Now, how does the PEH system relate to the BSB number provided (063-550)?

The BSB number serves as a vital component in the PEH system, as it helps identify the recipient’s financial institution and facilitates the proper routing of funds. In the case of the BSB number 063-550, it belongs to Commonwealth Bank, which means that any payments or transfers initiated using this BSB number will be directed to Commonwealth Bank’s 92 Mt Eliza Way branch in Mount Eliza, Victoria, with the postcode 3930.

When a payment event occurs, such as a funds transfer from one bank to another, the BSB number is used to identify the recipient’s bank and branch within the PEH system. The PEH system then utilizes this information to route the funds accurately, ensuring that they reach the designated account without any hitches or delays.

Understanding BSB Number Structure and Interpretation (Topic 4)

Now that we understand the significance of the BSB number and its relationship with the PEH system, let’s dive into the structure and interpretation of BSB numbers. BSB numbers typically consist of six digits, which are divided into three distinct parts, each serving a specific purpose.

The first two digits of a BSB number represent the bank code. In the case of the BSB number 063-550, the bank code ’06’ identifies Commonwealth Bank.

This code is unique to each financial institution and helps the PEH system recognize the bank associated with the account being referenced. The next two digits of a BSB number indicate the state code.

In this example, the state code ’35’ corresponds to Victoria, where the Mount Eliza branch of Commonwealth Bank is located. This allows the PEH system to determine the specific location or state where the branch is situated.

Finally, the last two digits of the BSB number form the branch code. In our provided BSB number, ’50’ is the branch code, signifying the 92 Mt Eliza Way branch of Commonwealth Bank in Mount Eliza.

This code further assists the PEH system in routing the payment event to the appropriate branch within the designated financial institution. By breaking down and interpreting the BSB number 063-550, we can discern various details associated with the Commonwealth Bank’s 92 Mt Eliza Way branch in Mount Eliza, Victoria.

This information is crucial for accurately identifying the recipient’s financial institution and ensuring the smooth processing and routing of funds within the PEH system. In conclusion, the PEH system plays a vital role in handling payment events within the banking system.

It works hand in hand with the BSB number, which is used to identify the recipient’s financial institution and facilitate the routing of funds. Understanding the structure and interpretation of BSB numbers is instrumental in comprehending the various details associated with a specific bank and branch.

By leveraging the PEH system and the BSB number, financial transactions can be processed accurately, efficiently, and securely, contributing to the seamless functioning of the banking system.

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