Bank Code Verified

064-793, BSB Number for Commonwealth Bank, Coomera, QLD

BSB Number: 064-793

Bank: Commonwealth Bank

Financial Institution: CBA

Address: S1110 Westfield Coomera Foxwell Rd

City: Coomera

State: QLD

Postcode: 4209

System: PEHto BSB Numbers: The Backbone of Banking

When it comes to financial systems, there is a plethora of important numbers that help ensure the smooth flow of money. And one such number that plays a vital role in the banking system is the BSB number.

But what exactly is a BSB number, and why is it so significant? In this article, we will delve into the world of BSB numbers and explore their importance in the intricate web of financial transactions.

What are BSB Numbers, and Why are They Important? BSB, or Bank State Branch, numbers are a unique six-digit code used in Australia’s banking system.

Each BSB number corresponds to a specific bank and branch within the country. They are designed to streamline the identification and routing process of funds, enabling banks to efficiently and accurately transfer money between accounts.

Identification and Routing of Funds

One of the primary functions of BSB numbers is to identify a bank and its branch. Just as a zip code helps determine a geographical location, a BSB number helps pinpoint a specific banking institution.

This identification feature is crucial in various financial transactions, such as transferring funds from one account to another. When you initiate a transfer, your bank uses your account number and the recipient’s BSB number to ensure that the funds are routed correctly.

The BSB number acts as a digital address, telling the banking system where to send the money. Without it, the transfer would be akin to sending a letter without an address.

Seamless Transfers and Clearing Process

BSB numbers not only aid in identification but also facilitate the seamless flow of money through the clearing process. When a transfer is initiated, the sender’s bank relies on the recipient’s BSB number to determine the appropriate clearing house for the transaction.

Clearing houses act as intermediaries between banks, ensuring that funds are transferred accurately and efficiently. Your BSB number not only helps ensure your money reaches its intended destination but also helps expedite the clearing process.

By including the correct BSB number, you reduce the risk of delays or errors, resulting in faster and more secure transfers.

Protected and Error-Proof System

The use of BSB numbers in the banking system provides an extra layer of protection and minimizes the risk of human error. With each BSB number unique to a specific bank and branch, any mismatch or incorrect entry can instantly flag an error.

This helps prevent funds from being sent to the wrong destination inadvertently, saving both time and potential financial loss. Moreover, BSB numbers are regulated by the Australian Payments Network (AusPayNet), ensuring consistency and accuracy across the banking system.

By adhering to a standardized format, the chance of errors or confusion is significantly reduced, providing customers with peace of mind.

Conclusion

In the intricate web of financial transactions, BSB numbers serve as the backbone that ensures a smooth flow of money. They play a vital role in identifying banks and branches, facilitating accurate routing and quick transfers.

With their unique and error-proof nature, BSB numbers provide added security and efficiency to the banking system. So the next time you initiate a transfer or simply check your bank statement, remember the importance of those six digits that make it all possible.

PEH System: The Link Between BSB Numbers and Efficient Payments

In the vast universe of banking systems, there are numerous underlying systems that work behind the scenes to ensure seamless transactions. One such system is the PEH system.

If you have ever come across a BSB number with the code “PEH,” you may wonder what it stands for and how it relates to the world of banking. In this section, we will unravel the mysteries of the PEH system and explore its connection to the BSB number provided.

PEH System: The Basics

PEH, or Payments Entry Hub, is a specialized system used by Commonwealth Bank (CBA) for the processing and clearance of various payment transactions. This powerful system acts as an intermediary between CBA and other financial institutions, ensuring that transfers are processed efficiently and accurately.

Key Roles of the PEH System

The PEH system plays a crucial role in the overall banking ecosystem, offering numerous benefits to both customers and banks. Let’s take a closer look at the key roles and functionalities of the PEH system:

1.

Settlement of Payments: The PEH system facilitates the settlement of payment transactions by ensuring that funds are transferred from the sender’s account to the recipient’s account seamlessly. By acting as a bridge between CBA and other financial institutions, the PEH system helps streamline the settlement process, reducing delays and errors.

2. Clearing of Payments: In addition to settlement, the PEH system also handles the clearing of payments.

Clearing refers to the validation and authorization of a transaction before funds are transferred. The PEH system verifies the accuracy, authenticity, and availability of funds to ensure a smooth and secure clearing process.

3. Risk Management: The PEH system employs sophisticated risk management tools to identify and prevent fraudulent activities or potential risks associated with payment transactions.

This adds an extra layer of security to the entire process, safeguarding customers’ funds and personal information.

BSB Numbers and the PEH System

Now that we have established the basics of the PEH system, let’s explore how it relates to the BSB number provided. As mentioned previously, the BSB number 064-793 corresponds to Commonwealth Bank (CBA) and its branch located at S1110 Westfield Coomera, Foxwell Rd, Coomera, QLD, 4209.

The BSB number alone does not provide any information about the specific PEH system used. However, it acts as a crucial component in routing and identifying payments within the PEH system.

Format and Structure of BSB Numbers

To better understand the structure of BSB numbers, it is important to break down the six-digit code and interpret its significance:

1. First Two Digits: The first two digits represent the bank or financial institution.

In the case of the given BSB number (064-793), “06” indicates that the bank is Commonwealth Bank. 2.

Third Digit: The third digit denotes the state or territory. In this instance, the third digit is “4,” indicating that the branch is located in Queensland (QLD).

3. Fourth to Sixth Digits: The last three digits represent the specific branch of the bank.

In this case, “793” corresponds to the Westfield Coomera branch.

Interpreting the BSB Number

Now, let’s interpret the BSB number (064-793) in the context of the PEH system. Although the BSB number does not explicitly reveal any information about the specific PEH system used, it plays a vital role in routing and directing payments within the PEH system.

When a payment is initiated, the sender’s bank uses the BSB number to identify the recipient’s bank and branch, which in this case is Commonwealth Bank, Westfield Coomera branch (PEH System). The PEH system, as an integral part of CBA’s infrastructure, leverages the BSB number to process the payments efficiently and accurately.

By linking the sender’s account with the recipient’s branch, the PEH system ensures that the payment is securely transferred to the intended destination. In conclusion, the PEH system acts as a crucial intermediary in the processing and clearance of payment transactions.

While the BSB number alone does not provide explicit information about the specific PEH system used, it serves as a vital component in routing funds within the system. By understanding the structure of BSB numbers and the significance of different digits, we gain insight into how the PEH system and BSB numbers work together to ensure efficient and secure payment transfers.

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