Bank Code Verified

065-148, BSB Number for Commonwealth Bank, Plympton, SA

BSB Number: 065-148

Bank: Commonwealth Bank

Financial Institution: CBA

Address: 283 Anzac Hwy

City: Plympton

State: SA

Postcode: 5038

System: PEHto BSB Numbers:

Identification and Routing of Funds

BSB numbers, or Bank-State-Branch numbers, play a crucial role in the banking system. These numbers are a unique identifier for every bank branch in Australia and are vital for the identification and routing of funds.

In this article, we will explore what BSB numbers are and why they are significant in the banking system. Topic 1:to BSB Numbers

BSB numbers are six-digit codes that are used by banks to identify individual branches.

Each number is unique to a specific bank branch and helps to streamline the process of transferring funds between accounts across different banks. These numbers were introduced by the Australian Payments Clearing Association (APCA) in the early 1970s to simplify and expedite the electronic payment process.

Importance of BSB Numbers

BSB numbers are of utmost importance in the banking system as they ensure accuracy and efficiency in fund transfers. They allow banks to identify the origin and destination of funds, ensuring that they reach the intended recipient without any errors or delays.

Additionally, BSB numbers make it possible to differentiate between different bank branches and prevent any confusion or misdirection of funds.

Identification and Routing of Funds

One of the primary uses of BSB numbers is in the identification and routing of funds. When a customer initiates a transfer or payment, the BSB number of the recipient’s bank and branch is required to ensure that the funds are directed correctly.

The BSB number acts as a sort of postal code, specifying the exact location of the recipient’s bank branch. Routing funds involves the process of moving money from one bank to another.

BSB numbers play a crucial role in this process by indicating the correct bank and branch to send the funds. Without the use of BSB numbers, the transfer process would be much more complex and prone to errors.

Topic 2: Commonwealth Bank

One of the leading banks in Australia, Commonwealth Bank, commonly known as CBA, utilizes BSB numbers to facilitate seamless fund transfers for its customers. Let’s explore some details about Commonwealth Bank and how BSB numbers are used within this institution.

About Commonwealth Bank

Commonwealth Bank is one of the “Big Four” banks in Australia and is known for its wide range of banking products and services. With a history spanning over a century, Commonwealth Bank has established itself as a trusted financial institution in the country.

The bank boasts a large network of branches and ATMs, making it easily accessible to customers across Australia.

Usage of BSB Numbers in Commonwealth Bank

Like other banks in Australia, Commonwealth Bank uses BSB numbers extensively to ensure the smooth transfer of funds between accounts. These numbers are prominently displayed in various places, including bank statements, online banking platforms, and physical branches.

Customers are required to provide the BSB number of the recipient’s bank and branch when initiating transfers or payments. Routing funds within Commonwealth Bank involves the use of BSB numbers to identify the specific branch where the funds will be delivered.

Customers can easily find the BSB numbers of Commonwealth Bank branches through online resources or by contacting the bank’s customer service. Conclusion:

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

They ensure that funds are accurately directed to the intended recipient’s branch, eliminating errors and delays in the transfer process. Commonwealth Bank, a prominent financial institution in Australia, relies on BSB numbers to maintain efficiency and accuracy in its fund transfer operations.

Understanding the importance of BSB numbers and their usage in the banking system is essential for anyone involved in financial transactions. Topic 3: PEH System

The PEH system, also known as the Primary Electronic Home, is a payment system used by Australian financial institutions.

It relates to the BSB number provided (065-148) as it is the system through which transactions are processed for branches of the Commonwealth Bank, such as the one located at 283 Anzac Hwy, Plympton, SA.

Explanation of the PEH System

The PEH system is a centralized platform that handles the routing and settlement of electronic payments within Australia. It acts as a communication channel between financial institutions, facilitating the transfer of funds between accounts held at different banks.

This system ensures that payments are securely processed and settled efficiently. The PEH system not only handles traditional payment methods such as online banking transfers and direct debits but also supports new and emerging payment services like digital wallets and real-time payments.

It is a critical component of the Australian Payments System, ensuring the smooth operation of electronic fund transfers across the country.

Relationship with BSB Numbers

BSB numbers play a significant role within the PEH system. When a payment is initiated, the BSB number of the recipient’s bank and branch is essential to ensure that the funds are directed correctly.

The PEH system uses this information to identify the relevant financial institution and route the payment accordingly. In the case of the BSB number 065-148, the PEH system would recognize that it belongs to the Commonwealth Bank branch at 283 Anzac Hwy, Plympton, SA.

The PEH system ensures that funds are transferred securely and efficiently, utilizing BSB numbers as a key piece of information to accurately route payments between financial institutions. Topic 4: Understanding BSB Number Structure

BSB numbers have a specific format and structure that allows for easy identification and routing of funds.

Let’s dive into the details of the BSB number structure and explore the significance of different digits within the number.

Format and Structure of BSB Numbers

BSB numbers consist of six digits, separated by a hyphen into three segments. The first two digits represent the bank, the next two digits represent the state or territory, and the final two digits identify the specific branch.

Significance of Different Digits

1. Bank Digits:

The first two digits of a BSB number identify the bank associated with the branch.

In the case of the provided BSB number 065-148, the bank digits “06” indicate that it belongs to the Commonwealth Bank. 2.

State Digits:

The next two digits indicate the state or territory where the branch is located. In this instance, the state digits “5-1” represent South Australia (SA).

3. Branch Digits:

The final two digits specify the individual branch within the bank and state.

In the BSB number 065-148, the branch digits “48” indicate the specific branch at 283 Anzac Hwy, Plympton.

Interpreting BSB Numbers

Breaking down the given BSB number 065-148, we can interpret it as follows:

– Bank: The bank digits “06” indicate that the branch belongs to the Commonwealth Bank. – State: The state digits “5-1” specify that the branch is in South Australia (SA).

– Branch: The branch digits “48” identify the specific Commonwealth Bank branch at 283 Anzac Hwy, Plympton. Understanding the structure and meaning of BSB numbers allows individuals and financial institutions to determine the correct branch and ensure accurate routing of funds.

In conclusion, BSB numbers play a vital role in the banking system, facilitating the identification and routing of funds. They are used within the PEH system to direct electronic payments accurately and efficiently.

The PEH system acts as a centralized platform for processing transactions, ensuring the smooth and secure transfer of funds between financial institutions. By understanding the structure of BSB numbers and their relationship with the PEH system, individuals can navigate the banking system with ease and confidence.

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