Bank Code Verified

065-106, BSB Number for Commonwealth Bank, Prospect, SA

BSB Number: 065-106

Bank: Commonwealth Bank

Financial Institution: CBA

Address: Sh9 Northpark S/C 264 Main North Rd

City: Prospect

State: SA

Postcode: 5082

System: PEHto BSB numbers:

In the world of banking, a BSB number holds a crucial role in facilitating smooth financial transactions. Whether you’re transferring funds or setting up direct debits, understanding the importance of BSB numbers is essential.

In this article, we will delve into the significance of BSB numbers and how they are used for identification and routing of funds. What are BSB numbers?

BSB stands for Bank-State-Branch, and it is a unique six-digit number assigned to every bank and financial institution in Australia. This number acts as an identification code, helping to distinguish one bank from another.

Each BSB number contains specific information about the bank and branch location, making it easier to route funds accurately. Identification and routing of funds:

When you initiate a transaction, whether its a transfer between accounts or a payment to a recipient, the BSB number plays a vital role in ensuring the funds reach the intended destination.

Here’s how it works:

1. Bank identification:

The first two digits of the BSB number represent the bank identification.

For example, for Commonwealth Bank, the BSB number starts with ’06’. This allows financial institutions and systems to identify the specific bank associated with the transaction.

2. State identification:

The next two digits of the BSB number indicate the state in which the branch is located.

For example, ’51’ represents Western Australia, while ’06’ represents South Australia. This information helps in routing the funds to the correct state.

3. Branch identification:

The last two digits of the BSB number represent the specific branch within the state.

This ensures that the money reaches the intended branch and is allocated to the correct account. For example, let’s take the BSB number 065-106 for Commonwealth Bank in Prospect, South Australia.

The ’06’ in the BSB number identifies Commonwealth Bank, the ’51’ indicates that it is located in South Australia, and the ’06’ represents the specific branch in Prospect. This information is crucial for routing the funds appropriately.

The importance of accurate BSB numbers:

Using the correct BSB number is crucial for the successful completion of financial transactions. Inaccurate BSB numbers can lead to delays or even misallocation of funds.

It is vital to double-check the BSB number before initiating any transactions to avoid any such mishaps. BSB numbers are also essential for validating bank account details.

When setting up direct debits or making regular payments, verifying the BSB number ensures that the funds are being routed accurately to the intended recipient. In addition to routing and identification purposes, BSB numbers also help several financial systems and processes, such as payroll management, direct deposit of salaries, and automatic bill payment systems.

These systems rely on accurate BSB numbers to ensure the smooth flow of funds and accurate financial record-keeping. Conclusion:

BSB numbers are an integral part of the banking system in Australia.

They serve as identification codes, helping to distinguish between banks, states, and branches. By using the correct BSB number, individuals can ensure the accurate routing of funds and avoid any delays or misallocations.

It is crucial to pay attention to BSB number details when initiating transactions or setting up automatic payments to ensure a seamless banking experience. Topic 3: PEH System:

The PEH system, or Payment Entry Hub system, is a crucial component in the Australian banking system that works in conjunction with BSB numbers.

It serves as a centralized transaction processing system, handling various banking activities such as electronic fund transfers, direct debits, and payroll management. Payment processing systems like the PEH system rely on accurate BSB numbers to direct funds to the intended recipients.

The BSB number provided, 065-106, indicates that it is associated with the Commonwealth Bank branch located at Sh9 Northpark S/C 264 Main North Rd, Prospect, South Australia. The PEH system uses this BSB number to route funds to this specific branch.

The PEH system’s main function is to receive payment instructions and ensure that the funds are efficiently transferred between banks and financial institutions. It acts as a central hub, processing transactions and validating the BSB numbers to guarantee accurate and secure money transfers.

When a payment is initiated, such as a direct debit or a transfer from one account to another, the BSB number is included in the transaction details. The PEH system then utilizes this BSB number to identify the relevant bank, branch, and state associated with the recipient’s account.

It then proceeds to send the payment instructions to the appropriate financial institution, allowing the funds to be transferred seamlessly. In addition to processing payments, the PEH system also performs various other functions.

It assists in managing direct deposit of salaries, processing batch payments for companies, and facilitating electronic fund transfers for business transactions. These operations require the accurate interpretation of BSB numbers to ensure that funds reach the correct accounts efficiently.

The PEH system employs advanced technology and security measures to protect sensitive financial information during the payment process. By utilizing BSB numbers for identification and routing, it minimizes the risk of errors or mishandling of funds.

This ensures that transactions are executed smoothly and reliably, preserving the integrity of the financial system. Topic 4: Understanding BSB number structure:

BSB numbers follow a specific format and structure, consisting of six digits arranged in a particular sequence.

Each digit within the BSB number holds significance and provides important information regarding the bank and branch. Let’s break down the structure of a BSB number to understand its components:

1.

Bank identification digits:

The first two digits of the BSB number identify the bank associated with the transaction. For example, in the BSB number 065-106, ’06’ represents the Commonwealth Bank.

This allows financial institutions and systems to easily recognize the bank involved in the transaction. 2.

State identification digits:

The following two digits of the BSB number indicate the state in which the bank branch is located. In this case, ’51’ indicates South Australia.

These digits help in routing the funds to the appropriate state. 3.

Branch identification digits:

The last two digits of the BSB number represent the specific branch within the state. For the BSB number 065-106, ’06’ indicates the Prospect branch within South Australia.

This ensures the funds are directed accurately to the intended branch. By understanding the structure of BSB numbers, individuals and businesses can interpret the information provided by these six digits.

They can identify the bank, state, and branch associated with a specific BSB number, ensuring accurate routing of funds during transactions. The BSB number 065-106 specifically identifies the Commonwealth Bank branch located at Sh9 Northpark S/C 264 Main North Rd, Prospect, South Australia.

The ’06’ indicates Commonwealth Bank, ’51’ represents South Australia, and ’06’ signifies the Prospect branch. In summary, the BSB number structure plays a vital role in ensuring the accurate routing of funds in the Australian banking system.

Each digit within the BSB number carries specific information regarding the bank, state, and branch. Understanding and interpreting the BSB number structure allows for error-free transaction processing and the seamless movement of funds between accounts and institutions.

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