Bank Code Verified

065-115, BSB Number for Commonwealth Bank, Norwood, SA

BSB Number: 065-115

Bank: Commonwealth Bank

Financial Institution: CBA

Address: 202 The Parade

City: Norwood

State: SA

Postcode: 5067

System: PEHto BSB numbersHave you ever wondered how banks keep track of your funds when you make a transfer? Or how they know where to send your money when you provide them with an account number?

The answer lies within a unique set of numbers called BSB numbers. In this article, we will explore what BSB numbers are, their importance in the banking system, and how they are used for identification and routing of funds.

What are BSB numbers? BSB stands for “Bank State Branch” and refers to a unique identification number assigned to each branch of a financial institution in Australia.

These numbers play a crucial role in ensuring that funds are accurately routed to the intended recipient. BSB numbers are usually six digits long, with the first two digits representing the bank and the remaining four digits representing the specific branch.

Importance in the banking system:

BSB numbers are essential in facilitating smooth and secure financial transactions within the banking system. They are widely used by banks and other financial institutions to identify the origin and destination of funds when conducting transfers or processing payments.

Without BSB numbers, it would be considerably more challenging and time-consuming to process and track transactions accurately. Identification and routing of funds:

When you make a transfer or payment, you are required to provide the BSB number of the recipient’s bank branch.

This ensures that the funds are correctly directed to the intended recipient. The BSB number acts as a unique identifier for the branch, allowing the banking system to route the funds accurately.

Additionally, BSB numbers are used to distinguish between different financial institutions. For example, the BSB number 065-115 belongs to the Commonwealth Bank (CBA) branch located at 202 The Parade, Norwood, SA 5067.

By entering the correct BSB number, you ensure that your funds are processed by the correct financial institution and branch. BSB numbers also function as a security measure, helping to prevent incorrect payments or transfers.

When you provide a BSB number along with an account number, the banking system cross-references the information to ensure they match. If there is a discrepancy between the BSB number and the account number, the system will flag it as a potential error or fraudulent activity.

In cases where small errors are made while entering the BSB number, the automated banking systems often have built-in error correction mechanisms. These mechanisms can help identify and rectify minor mistakes, such as transposing digits or omitting leading zeros.

However, it is crucial to double-check BSB numbers to ensure accuracy and prevent any potential delays or issues with your transactions. Conclusion:

BSB numbers are an integral part of the Australian banking system, facilitating the identification and routing of funds.

They provide a unique identifier for each bank branch and allow for secure and efficient processing of transactions. By understanding the importance of BSB numbers and ensuring their accuracy when conducting transfers or making payments, you can help ensure the smooth flow of funds within the banking system.

So next time you make a transaction, remember to input the correct BSB number to ensure your money reaches its intended destination. PEH System:

In addition to BSB numbers, the Australian banking system also utilizes a system called the PEH system to ensure the accuracy and efficiency of transactions.

PEH stands for “Payments Entry Hub” and is a central processing unit that handles electronic funds transfers for financial institutions. This system acts as a hub where transactions are received, validated, and sorted before being sent to the appropriate banks.

The PEH system plays a significant role in the banking system by streamlining the processing of payments. It acts as a central clearinghouse, ensuring that funds are transferred securely and promptly between different banks and branches.

The PEH system is responsible for authenticating and validating account details, verifying BSB numbers, and coordinating the movement of funds. The PEH system works in conjunction with BSB numbers to ensure accurate routing of funds.

When a payment is initiated, the PEH system verifies the BSB number provided by the sender to ensure it matches the designated bank branch. This helps prevent misdirected funds and ensures that the money reaches the intended recipient.

Understanding BSB number structure:

BSB numbers have a specific format and structure that allows for easy interpretation and identification. Let’s break down the BSB number provided earlier, 065-115, to understand its significance:

– The first two digits, 06, represent the bank code.

In this case, 06 corresponds to the Commonwealth Bank (CBA). Each bank in Australia is assigned a unique two-digit code.

– The next four digits, 5-115, represent the branch code. This code identifies the specific branch within the Commonwealth Bank.

The combination of the bank code and branch code helps direct funds to the correct bank and branch. Analyzing the BSB number 065-115:

By examining the given BSB number, we can decipher its meaning and identify the associated bank and branch.

In this case:

– The bank code, 06, corresponds to the Commonwealth Bank. This code is common to all branches of the Commonwealth Bank across Australia.

– The branch code, 5-115, identifies the specific branch of the Commonwealth Bank. In this example, the branch is located at 202 The Parade, Norwood, SA 5067.

By entering the BSB number 065-115 during a transaction, the banking system recognizes that the funds are to be processed through the Commonwealth Bank, specifically the Norwood branch. This information is crucial for accurate routing and ensures that the funds reach the intended recipient efficiently.

The significance of the different digits within the BSB number allows for quick identification and verification of banks and branches. It provides a standardized system that financial institutions use to process transactions smoothly and securely.

Conclusion:

The PEH system and BSB numbers are integral components of the Australian banking system. The PEH system acts as a central processing unit, handling electronic funds transfers and ensuring efficient and secure movement of funds.

BSB numbers, on the other hand, provide a unique identification number for each bank branch and enable accurate routing of funds. By understanding the structure and format of BSB numbers, as well as the role of the PEH system, individuals can navigate the banking system with confidence and ensure the smooth flow of transactions.

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