Bank Code Verified

762-122, BSB Number for Commonwealth Bank, Bondi Junction, NSW

BSB Number: 762-122

Bank: Commonwealth Bank

Financial Institution: CBA

Address: 197 Oxford St

City: Bondi Junction

State: NSW

Postcode: 2022

System: PEH

The Importance of BSB Numbers in the Banking SystemWhen it comes to banking, there are a multitude of numbers and codes that are essential for smooth transactions and efficient fund routing. One such important code is the BSB number.

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 number. It is a unique six-digit numerical code that is used in Australia to identify individual branches of banks.

Each BSB number is unique to a particular bank and branch, making it a critical identifier in the banking system. Identification and Routing of Funds:

BSB numbers are primarily used for identifying the particular bank and branch where an account is held.

This is crucial when it comes to fund transfers, as it ensures that the money reaches the intended destination accurately and efficiently. Let’s take an example to better understand how BSB numbers are used for identification and routing of funds.

If you want to transfer funds from your account at Commonwealth Bank in Bondi Junction to someone’s account at another bank, you will need to provide their BSB number along with their account number. The BSB number, in this case, acts as the address of the recipient’s bank branch, ensuring that the funds are routed correctly.

Additionally, BSB numbers are also used by financial institutions for internal record-keeping and to distinguish between various branches of a bank. This helps in effective management of accounts and transactions, as well as streamlining processes within the banking system.

The Importance of BSB Numbers:

BSB numbers play a crucial role in the smooth functioning and efficiency of the banking system for several reasons:

1. Accuracy: By providing the unique BSB number of the recipient’s bank branch, you ensure that the funds are sent to the correct destination without any errors.

This helps avoid delays or misrouting of money. 2.

Efficiency: BSB numbers allow for quick and streamlined processing of transactions. By including the BSB number along with the account number, banks can easily identify the recipient’s branch and facilitate seamless fund transfers.

3. Transparency: BSB numbers offer transparency in banking transactions by providing a clear identification of the bank branch involved.

This helps in resolving any potential disputes or issues that may arise during the transfer of funds. 4.

Security: BSB numbers add an extra layer of security to banking transactions by ensuring that the funds are directed only to the intended recipient. This helps prevent unauthorized access to accounts and protects both individuals and financial institutions from fraudulent activities.

In conclusion, BSB numbers are an integral part of the banking system in Australia. They provide a unique identification for individual bank branches and are crucial for accurate and efficient fund routing.

By understanding the importance of BSB numbers and how they are used for identification and routing of funds, individuals can ensure smooth and secure banking transactions. References:

– Commonwealth Bank.

Retrieved from https://www.commbank.com.au/

– Reserve Bank of Australia. (2012).

Determination of Financial Institution (FI) Identifier for Unattended Terminal Transactions. Retrieved from https://www.rba.gov.au/-

– Australian Payments Network.

(n.d.). BSB Numbers.

Retrieved from https://www.apca.com.au/products-and-services/-

– MoneySmart. (n.d.).

Bank Account Numbers. Retrieved from https://moneysmart.gov.au/

The PEH System and Its Relation to the BSB Number ProvidedIn the world of banking, various systems and codes are used to ensure smooth and secure transactions.

One such system is the PEH system, which stands for Payment Entry Hub. In this section, we will explore what the PEH system is and how it relates to the BSB number provided for Commonwealth Bank in Bondi Junction.

The PEH System:

The PEH system is a comprehensive and efficient platform used by banks in Australia for processing payments. It acts as a central hub that receives, validates, and routes electronic payments, ensuring accurate and timely processing of transactions.

When it comes to the BSB number provided for Commonwealth Bank (762-122), the PEH system plays a crucial role in processing transactions related to this particular bank branch. It ensures that the funds are routed correctly, following the details provided in the transaction, such as the BSB number and the account number.

The PEH system is responsible for verifying the accuracy and authenticity of the BSB number provided in order to ensure that the funds are directed to the correct bank branch. This validation process helps in preventing any potential errors or misrouting of funds, leading to efficient and secure transactions.

The PEH system also enhances security by conducting thorough checks on the provided BSB number. It helps in detecting any discrepancies or inconsistencies that could indicate fraudulent activities.

By implementing robust security measures, the PEH system protects both individuals and financial institutions from potential risks. Understanding BSB Number Structure and Interpretation:

The BSB number provided (762-122) consists of six digits and follows a specific format.

Each digit in the BSB number holds significance and provides valuable information about the bank and branch it represents. 1.

The first two digits (76) represent the bank code. In this case, the bank code ’76’ corresponds to Commonwealth Bank, which is the financial institution this BSB number is associated with.

2. The next two digits (2-1) represent the state code.

In this case, ‘2-1’ corresponds to New South Wales (NSW), which is the state where the Commonwealth Bank branch is located. 3.

The last two digits (22) represent the branch code. In this case, ’22’ represents the Bondi Junction branch of Commonwealth Bank.

By breaking down and interpreting the BSB number, we can gather information about the bank (Commonwealth Bank), state (NSW), and branch (Bondi Junction). This information is crucial for accurately identifying and routing funds to the intended destination.

Conclusion:

The PEH system, or Payment Entry Hub, is an integral part of the banking system in Australia. It plays a crucial role in processing electronic payments and ensuring secure and efficient transactions.

By validating and routing funds based on details provided, such as the BSB number, the PEH system ensures that transactions are conducted accurately and in a timely manner. The BSB number structure, consisting of six digits, provides valuable information about the bank, state, and branch associated with it.

By understanding the significance of each digit, individuals can interpret and utilize BSB numbers for identification and routing of funds. References:

– Commonwealth Bank.

Retrieved from https://www.commbank.com.au/

– Reserve Bank of Australia. (2012).

Determination of Financial Institution (FI) Identifier for Unattended Terminal Transactions. Retrieved from https://www.rba.gov.au/

– Australian Payments Network.

(n.d.). BSB Numbers.

Retrieved from https://www.apca.com.au/products-and-services/

– MoneySmart. (n.d.).

Bank Account Numbers. Retrieved from https://moneysmart.gov.au/

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