Bank Code Verified

065-121, BSB Number for Commonwealth Bank, Port Adelaide, SA

BSB Number: 065-121

Bank: Commonwealth Bank

Financial Institution: CBA

Address: 83 Dale Street

City: Port Adelaide

State: SA

Postcode: 5015

System: PEHIn the world of banking, BSB numbers play a crucial role in ensuring smooth transactions and effective fund routing. But what are BSB numbers exactly, and why are they so important?

In this article, we will delve into the world of BSB numbers, their significance in the banking system, and how they are used for identification and routing of funds. Topic 1:to BSB numbers

BSB numbers, or Bank State Branch numbers, are a unique identifier used in the Australian banking system.

Each number consists of six digits, with the first two identifying the bank and the remaining four identifying the specific branch. BSB numbers were introduced in 1970 to streamline the process of electronic funds transfers within Australia.

These numbers are vital in the banking system as they help in the accurate identification and routing of funds. When you initiate a transaction, whether it’s through online banking or in-person at a branch, the BSB number ensures that your funds reach the intended recipient’s account.

In other words, BSB numbers act as a key to the correct routing of funds, enabling efficient and secure transfers. Topic 2: Commonwealth Bank

The Commonwealth Bank, commonly known as CommBank, is one of Australia’s leading financial institutions.

Established in 1911, it has grown to become one of the largest banks in the country, offering a wide range of financial services to individuals, businesses, and institutions. With its headquarters in Sydney, CommBank operates a vast network of branches and ATMs throughout Australia.

The bank’s BSB number, 065-121, is a unique identifier that distinguishes it from other banks within the system. The first two digits, 06, indicate that it is part of the Commonwealth Bank, while the remaining four digits, 5121, identify the specific branch within the bank.

The Commonwealth Bank sees great value in its BSB number, as it provides a seamless and reliable way to route funds to customers’ accounts. Whether you’re making a payment to someone or receiving funds, the BSB number ensures that the money is directed to the correct branch of the Commonwealth Bank, and subsequently credited to the intended account.

This accuracy and efficiency in fund routing contribute to the bank’s reputation for excellent service and customer satisfaction. Address: 83 Dale Street, Port Adelaide, SA, 5015

System: PEH

In addition to its impressive presence in the banking sector, the Commonwealth Bank is also committed to serving the community.

Through its philanthropic initiatives and corporate social responsibility programs, the bank strives to make a positive impact on society. This dedication to social welfare further establishes the bank as a trusted and responsible financial institution.

Conclusion

BSB numbers are a fundamental component of the Australian banking system, enabling accurate identification and routing of funds. The Commonwealth Bank, with its BSB number 065-121, exemplifies the importance of these numbers in serving its customers efficiently and securely.

By understanding the significance of BSB numbers and their role in the banking system, individuals can navigate financial transactions with confidence and peace of mind. Topic 3: PEH System

The PEH system, in the context of BSB numbers, stands for the Payment Entry Hub system.

This system is used by the Commonwealth Bank to process and manage electronic funds transfers (EFT) within Australia. It acts as a centralized hub that facilitates the routing and settlement of funds between different financial institutions.

The PEH system is designed to ensure efficient and secure transactions by providing real-time and batch processing capabilities. Real-time processing allows for immediate transfer of funds, while batch processing allows for the bulk processing of transactions at specific intervals throughout the day.

The PEH system integrates with the BSB numbers to accurately direct funds to the correct branch and account within the Commonwealth Bank. By utilizing the PEH system, the Commonwealth Bank can offer its customers a reliable and fast method of transferring funds.

This system enhances the bank’s ability to provide seamless service and allows for greater control over the movement of funds within the banking system. Topic 4: Understanding BSB Number Structure

The structure of BSB numbers follows a specific format that provides valuable information about the bank and branch they belong to.

Each BSB number consists of six digits, with the first two digits representing the bank and the remaining four digits representing the branch. The first two digits of a BSB number indicate the bank or financial institution to which it belongs.

In the case of the Commonwealth Bank, the BSB number 065-121, the first two digits, 06, represent the bank itself. These two digits differentiate the Commonwealth Bank from other banks in the system.

The remaining four digits of the BSB number identify the specific branch of the bank. In the example of 065-121, the four digits, 5121, pinpoint the exact branch.

This allows for precise routing of funds to the intended branch and account within the Commonwealth Bank. Breaking down the given BSB number, 065-121, we can interpret it as follows:

– The first two digits, 06, indicate that it is part of the Commonwealth Bank.

– The remaining four digits, 5121, identify the specific branch within the Commonwealth Bank. Understanding the structure and significance of BSB numbers is crucial for ensuring accurate fund routing and efficient transactions.

By providing the necessary information about the bank and branch, BSB numbers contribute to the seamless transfer of funds within the banking system. Expanding on the topics above:

Topic 3: PEH System

The PEH system, or Payment Entry Hub system, plays a vital role in the functioning of the Commonwealth Bank’s electronic funds transfer process.

The PEH system acts as a centralized hub that processes and manages transactions, ensuring that funds are securely routed and settled between various financial institutions. The main objective of the PEH system is to provide efficient and reliable transfer capabilities through both real-time and batch processing.

Real-time processing allows for immediate transfer of funds, making it suitable for time-sensitive transactions. On the other hand, batch processing allows for the grouping and processing of multiple transactions at specific intervals throughout the day.

The PEH system integrates with the BSB numbers assigned to each branch of the Commonwealth Bank. When a customer initiates a funds transfer, the PEH system uses the BSB number provided to identify the recipient’s bank and branch.

This ensures that the funds are directed to the correct location and credited to the intended account. By leveraging the PEH system, the Commonwealth Bank offers its customers a reliable and efficient method of transferring funds.

The system enhances the bank’s ability to provide seamless service, as it allows for accurate routing and settlement of transactions in real-time or through batch processing. The PEH system, combined with the BSB numbers, ensures that funds are securely and swiftly transferred between bank accounts within Australia.

Topic 4: Understanding BSB Number Structure

BSB numbers follow a specific format that provides essential information about the bank and branch they belong to. Each BSB number consists of six digits, with the first two indicating the bank and the remaining four identifying the branch.

The first two digits of a BSB number represent the bank or financial institution. In the given BSB number, 065-121, the first two digits, 06, signify that it belongs to the Commonwealth Bank.

These two digits uniquely identify the bank, differentiating it from other institutions in the banking system. The remaining four digits of the BSB number identify the specific branch of the bank.

For example, in 065-121, the four digits, 5121, pinpoint the exact branch within the Commonwealth Bank. This ensures that funds are properly routed to the intended branch and credited to the correct account.

Knowing the structure and significance of BSB numbers is crucial for both individuals and businesses involved in financial transactions. When initiating a funds transfer, providing the correct BSB number ensures that the funds reach the intended recipient accurately and promptly.

In conclusion, the PEH system and BSB numbers are integral components of the Australian banking system. The PEH system enables efficient processing and management of transactions, ensuring secure and swift fund transfers.

BSB numbers, on the other hand, serve as unique identifiers that allow for accurate routing and allocation of funds within the banking system. Understanding the structure and importance of BSB numbers empowers individuals to navigate financial transactions confidently, knowing that their funds will reach the intended recipients accurately and efficiently.

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