Bank Code Verified

403-709, BSB Number for Commonwealth Bank, Rowville, VIC

BSB Number: 403-709

Bank: Commonwealth Bank

Financial Institution: CST

Address: Cnr Stud & Fulham Rds

City: Rowville

State: VIC

Postcode: 3178

System: PEHto BSB numbers

When it comes to the banking system, there are various codes and numbers used to identify and route funds efficiently. One such code is the BSB number.

BSB stands for Bank-State-Branch, and it is a unique six-digit code assigned to every bank branch in Australia. These numbers play a crucial role in the banking system as they help identify the bank and branch where an account is held, enabling smooth transactions and fund transfers.

Importance of BSB numbers

BSB numbers are of utmost importance in the banking system for several reasons. Firstly, they help in the identification of the bank and branch where an account is held.

This is vitally important for ensuring that funds are routed correctly and there are no delays or errors in transactions. Having a unique BSB number for each bank branch allows for efficient and accurate routing of funds.

Secondly, BSB numbers are used to classify banks and branches into different financial institutions. This makes it easier for regulatory authorities to monitor and control the activities of these institutions.

For example, the Commonwealth Bank mentioned earlier has the BSB number 403-709, where 403 represents the bank code for Commonwealth Bank and 709 represents the branch code for the Rowville branch.

BSB numbers and identification

When making a transfer or payment, BSB numbers are used to identify the recipient’s bank and branch. This ensures that the funds reach the correct account without any confusion.

For example, let’s say you want to transfer money to a friend’s Commonwealth Bank account at the Rowville branch. By providing the BSB number 403-709 along with your friend’s account number, you are ensuring that the funds are directed to the right place.

Not only do BSB numbers help identify the bank and branch, but they also ensure that the funds are routed efficiently. Banks use these numbers to streamline the processing of transactions and ensure that funds reach their destination in a timely manner.

Without BSB numbers, banks would have to rely on slower and more manual methods to route funds, leading to delays and potential errors.

Routing of funds using BSB numbers

BSB numbers play a crucial role in the routing of funds. When you initiate a transfer or payment, the bank uses the BSB number to determine the correct bank and branch to send the funds to.

The BSB number acts as a routing code, directing the funds to the specific bank and branch mentioned in the BSB number. For example, if you provide the BSB number 403-709 for Commonwealth Bank’s Rowville branch, the bank’s systems will automatically route the funds to this branch.

This ensures that the funds are sent directly to the intended recipient without any unnecessary detours or delays. It is important to note that BSB numbers are unique to each bank branch, meaning that even if two banks have the same name, their BSB numbers will be different.

This enables precise routing of funds and avoids any confusion or mix-ups. In conclusion, BSB numbers are a vital component of the banking system in Australia.

They serve as unique identification codes for bank branches, enabling precise routing of funds. BSB numbers ensure that funds are directed to the correct bank and branch, streamlining transactions and minimizing errors.

So the next time you make a payment or transfer funds, remember the importance of BSB numbers and their role in the efficient functioning of the banking system.

PEH System

The PEH system, also known as the Payments Event Hub system, is an integral part of the Australian payment infrastructure. It is a centralized platform that facilitates the routing and processing of various payment transactions.

The PEH system is responsible for managing the flow of funds between different financial institutions, ensuring that payments are executed accurately and efficiently. The PEH system is closely related to the BSB number provided.

In fact, BSB numbers are used within the PEH system to identify the bank and branch where the funds need to be routed. When a payment or transfer instruction is initiated, the BSB number is used as a reference by the PEH system to locate the correct bank and branch and process the transaction accordingly.

Understanding BSB number structure

To fully comprehend the significance of the BSB number provided (403-709), it is important to understand its format and structure. BSB numbers in Australia are six digits long and are divided into two parts: the bank code and the branch code.

The BSB number structure follows a specific pattern that helps in its interpretation and understanding. The first two digits of the BSB number represent the bank code.

In the case of the Commonwealth Bank, its bank code is 40. The bank code identifies the financial institution to which the branch belongs.

Different banks have unique bank codes, allowing for easy differentiation and identification. The last four digits of the BSB number represent the branch code.

In the given BSB number (403-709), the branch code for the Rowville branch of Commonwealth Bank is 709. The branch code provides further specificity by indicating the individual branch within the bank.

This allows for accurate routing of funds to the intended branch, ensuring that transactions are processed seamlessly.

Interpreting the BSB number 403-709

Now that we understand the structure of BSB numbers, let’s analyze and interpret the given BSB number (403-709). The bank code for Commonwealth Bank is 40, which corresponds to the first two digits of the BSB number.

This indicates that the branch belongs to Commonwealth Bank. The remaining four digits of the BSB number (709) represent the branch code.

In this case, the branch code identifies the specific Rowville branch of Commonwealth Bank. Therefore, the BSB number 403-709 informs us that the funds should be directed to the Rowville branch of Commonwealth Bank.

This clear breakdown and interpretation of the BSB number allow for seamless processing of transactions and ensure that funds reach the desired destination accurately. The PEH system, utilizing the BSB number, is then able to route the funds to the correct bank and branch, eliminating any potential confusion or delays.

In conclusion, the PEH system and the BSB number are interconnected in the Australian payment infrastructure. The PEH system relies on the BSB number as a key element in accurately routing and processing payment transactions.

Understanding the structure of the BSB number, with its bank code and branch code, allows for efficient and reliable identification of banks and branches within the payment system. As the PEH system continues to streamline payment processes, the reliance on the BSB number remains paramount in ensuring smooth and accurate fund transfers.

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