Bank Code Verified

402-727, BSB Number for Commonwealth Bank, Parramatta, NSW

BSB Number: 402-727

Bank: Commonwealth Bank

Financial Institution: CST

Address: 150 George Street

City: Parramatta

State: NSW

Postcode: 2150

System: PEHBSB numbers, or Bank State Branch numbers, are a unique identifier used in the banking system. These numbers serve a crucial role in the identification and routing of funds within Australia.

In this article, we will explore the importance of BSB numbers and how they are used for efficient and secure financial transactions. Additionally, we will focus on the Commonwealth Bank, one of Australia’s leading financial institutions, providing an overview of its services, history, and commitment to customer satisfaction.

Topic 1:to BSB numbers

BSB numbers are a six-digit code that identifies individual banks and their branches. They play a vital role in the banking system, facilitating the smooth transfer of funds between accounts.

Each bank branch in Australia has a unique BSB number, enabling accurate routing of funds to the intended recipient.

Identification and routing of funds

When initiating a financial transaction, such as transferring money to another account or paying bills, the BSB number is used to determine the recipient’s bank and branch. This information allows the funds to be directed to the correct location.

The BSB number, along with the recipient’s account number, ensures that the money reaches the intended destination accurately. BSB numbers also assist in deterring fraudulent activities.

By having a unique identifier for each branch, banks can easily track and monitor transactions, ensuring the security and authenticity of fund transfers. Additionally, BSB numbers allow for efficient reconciliation of transactions, making it easier to resolve any discrepancies or issues that may arise.

Topic 2: Commonwealth Bank

Overview

The Commonwealth Bank, established in 1911, is one of Australia’s most prominent financial institutions. With a strong focus on innovation and customer satisfaction, the bank has grown to become a trusted provider of a wide range of financial services.

Services offered

The Commonwealth Bank offers a comprehensive suite of services to cater to the diverse needs of its customers. These services include personal banking, business banking, institutional banking, wealth management, insurance, and more.

Whether individuals require everyday banking solutions or businesses require tailored financial products, the Commonwealth Bank has a range of offerings to suit different requirements.

History and milestones

Throughout its history, the Commonwealth Bank has achieved significant milestones, contributing to its esteemed reputation. In 1969, the bank introduced Australia’s first credit card, revolutionizing the way people transact.

It was also one of the first banks to adopt electronic banking, pioneering the use of ATMs and online banking platforms.

Customer satisfaction

The Commonwealth Bank places a strong emphasis on customer satisfaction, striving to provide the best user experience and innovative solutions. The bank believes in the power of technology as an enabler of convenient banking services and continuously invests in digital resources to enhance customer interactions.

In recent years, the Commonwealth Bank has introduced various initiatives to improve customer service. These include extended customer service hours, streamlined account opening processes, and enhanced digital platforms for easier access to banking services.

The bank’s commitment to customer satisfaction has earned it numerous accolades and recognition within the banking industry.

Conclusion

BSB numbers are an integral part of the banking system in Australia, enabling the efficient routing and identification of funds. By understanding the importance of BSB numbers, individuals and businesses can ensure secure and accurate transfers of money.

In addition, the Commonwealth Bank stands as a leading financial institution, offering a wide range of services and prioritizing customer satisfaction. With its rich history and commitment to innovation, the Commonwealth Bank continues to serve as a trusted partner in the financial journey of many Australians.

Topic 3: PEH System

The PEH system stands for Payment Entry Hub system, which is a crucial component of the Australian banking system. It is responsible for processing and reconciling electronic fund transfers, ensuring the smooth and secure movement of funds between accounts.

The PEH system operates based on the BSB numbers assigned to each bank and branch, including the BSB number provided for Commonwealth Bank’s branch at 150 George Street, Parramatta, NSW. The PEH system plays a crucial role in automating and streamlining the payment processes, minimizing errors and improving efficiency.

It acts as a central hub that receives electronic fund transfer requests from various financial institutions and validates the accuracy and authenticity of the transactions. Through the PEH system, banks can route funds accurately by using the BSB numbers to identify the recipient’s bank and branch.

When a customer initiates a financial transaction, whether it is a transfer of funds or payment of bills, the payment instruction is sent to the PEH system. The PEH system then verifies the BSB number provided and confirms the recipient’s bank and branch.

This verification process ensures that the funds are routed correctly, avoiding any delays or misdirected payments. Furthermore, the PEH system plays a crucial role in protecting the security and integrity of the payment process.

It incorporates robust security measures to prevent unauthorized access and fraudulent activities. By validating the BSB numbers and cross-referencing them with the recipient’s account details, the PEH system adds an extra layer of security to the payment process, reducing the risk of fraudulent transactions.

Topic 4: Understanding BSB number structure

BSB numbers in Australia consist of six digits, with each digit holding a specific significance. Understanding the structure of a BSB number allows individuals and businesses to interpret and utilize the number accurately.

The BSB number breakdown is as follows:

– The first two digits represent the bank code: In the BSB number 402-727, the bank code is “40,” which indicates the branch belongs to the Commonwealth Bank. – The next three digits represent the branch code: In this example, the branch code is “272,” which identifies the specific branch at 150 George Street in Parramatta, NSW.

– The last digit is known as the “check digit”: The check digit is calculated based on a specific algorithm, ensuring the accuracy and validity of the BSB number. It serves as a verification digit to detect any errors in inputting or transmitting the BSB number.

By breaking down the BSB number 402-727, we can interpret it as follows:

– The bank code “40” corresponds to the Commonwealth Bank. – The branch code “272” refers to the branch located at 150 George Street in Parramatta, NSW.

– The check digit at the end of the number verifies the accuracy of the BSB number. Understanding the structure of a BSB number allows individuals and businesses to ensure the correct identification and routing of funds.

By confirming the bank code and branch code, individuals can accurately direct funds to the intended recipient without any delays or misdirected payments. Additionally, the check digit serves as a validation measure, ensuring the integrity and security of the BSB number provided.

In summary, the BSB number structure is a fundamental element of the Australian banking system. It enables accurate identification and routing of funds, ensuring secure and efficient financial transactions.

The PEH system, in conjunction with BSB numbers, serves as a vital component in facilitating electronic fund transfers, maintaining the integrity of the payment process, and safeguarding against fraudulent activities. Understanding the structure and significance of BSB numbers enhances individuals’ and businesses’ ability to conduct financial transactions seamlessly and confidently within the Australian banking system.

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