Bank Code Verified

762-254, BSB Number for Commonwealth Bank, Mosman, NSW

BSB Number: 762-254

Bank: Commonwealth Bank

Financial Institution: CBA

Address: 862 Military Road

City: Mosman

State: NSW

Postcode: 2088

System: PEHIn the world of banking, BSB numbers play a crucial role in ensuring the smooth transfer of funds between financial institutions. BSB numbers, also known as Bank State Branch numbers, are a unique identification code used in the Australian banking system.

They are vital for the identification and routing of funds, allowing transactions to be processed accurately and efficiently. In this article, we will explore what BSB numbers are, their importance in the banking system, and how they are used for the identification and routing of funds.

Topic 1:to BSB numbers

BSB numbers are a six-digit code assigned to each financial institution in Australia. They serve as a unique identifier for banks, credit unions, and building societies, helping to differentiate them from one another.

The first two digits of the BSB number represent the bank, while the remaining four digits represent the specific branch within the bank. This system allows for easy identification and routing of funds to the correct financial institution and branch.

Importance of BSB numbers in the banking system:

BSB numbers are crucial to the banking system as they ensure that funds are directed to the correct recipient. Without BSB numbers, the transfer of funds would be a chaotic process, with no guarantee that the money would reach its intended destination.

BSB numbers provide a standardized and efficient method for identifying and routing funds, reducing errors and ensuring that transactions are processed accurately. Identification and routing of funds using BSB numbers:

When initiating a transfer or payment, the sender is required to provide the BSB number of the recipient’s financial institution and branch.

This information is essential for the sending bank to accurately route the funds. The BSB number helps the sending bank identify the correct financial institution and branch to direct the funds to.

It acts as a virtual map, guiding the money to its intended destination swiftly and securely. BSB numbers also play a role in intra-bank transactions.

In cases where a transfer is made between two accounts within the same financial institution, the BSB number is still required. The first two digits of the BSB number identify the bank, aiding in the internal routing of the funds.

This ensures that even within a large financial institution, funds are directed to the appropriate branch, account, and customer. In summary, BSB numbers are a vital component of the Australian banking system.

They provide a standardized and efficient method for identifying and routing funds, ensuring that transfers and payments are processed accurately. Without BSB numbers, the banking system would be in disarray, with funds potentially being lost or misdirected.

So, the next time you initiate a transfer or payment, remember the importance of BSB numbers in making your transaction smooth and hassle-free. Topic 2: Commonwealth Bank

The Commonwealth Bank, commonly referred to as CBA, is one of the most prominent financial institutions in Australia.

It has been serving customers for over a century and has established itself as a leader in the banking industry. With a wide range of services and a commitment to customer satisfaction, the Commonwealth Bank has become a trusted name for individuals and businesses alike.

Overview of Commonwealth Bank:

Founded in 1911, the Commonwealth Bank has grown to become one of Australia’s largest banks. It offers a comprehensive range of financial products and services, including personal and business banking, insurance, wealth management, and more.

The bank’s commitment to innovation and technology has allowed it to stay ahead in a rapidly evolving industry, providing customers with convenient and efficient banking solutions. Branch location:

The Commonwealth Bank branch we will be discussing is located at 862 Military Road, Mosman, NSW.

This branch serves the local community by providing a range of services, including account management, lending, and financial advice. Its convenient location ensures easy accessibility for customers in the area.

Personal and business banking:

The Commonwealth Bank offers a range of personal and business banking products and services to suit individual needs. For personal banking, customers can open transaction accounts, savings accounts, and term deposits.

They can also apply for credit cards, personal loans, and home loans. The bank’s online and mobile banking platforms make managing accounts and making payments convenient and efficient.

For businesses, the Commonwealth Bank provides tailored solutions to meet their financial requirements. Business accounts, merchant services, and business loans are among the offerings available.

Additionally, the bank offers specialized support and expert advice to help businesses thrive and grow. Customer service:

The Commonwealth Bank is known for its exceptional customer service.

The bank understands the importance of building strong relationships with its customers and strives to provide personalized and efficient service. Whether it’s in-branch, over the phone, or through digital channels, customers can expect friendly and knowledgeable staff who are ready to assist them with their banking needs.

Conclusion. In this article, we explored the importance of BSB numbers in the banking system and how they are used for the identification and routing of funds.

We also discussed the Commonwealth Bank, highlighting its history, range of services, branch location, and customer service. Both BSB numbers and the Commonwealth Bank play essential roles in the Australian banking landscape, ensuring seamless transactions and meeting the financial needs of individuals and businesses.

Topic 3: PEH System

The PEH system, also known as the Payment Event Hub, is a component of the Australian Payments Clearing Association (APCA) payment system. It is responsible for facilitating the clearing and settlement of funds between financial institutions in Australia.

The PEH system processes electronic payments, such as direct transfers and direct debits, ensuring that the funds are transferred securely and efficiently. The BSB number provided, 762-254, is related to the PEH system as it helps identify the specific financial institution and branch associated with the Commonwealth Bank.

The first two digits, 76, signify that the bank is part of the Commonwealth Bank Group, as each financial institution in Australia is assigned a unique two-digit code. The next two digits, 2-2, represent the specific branch within the Commonwealth Bank.

This combination of digits allows the PEH system to correctly route funds to the designated financial institution and branch. Topic 4: Understanding BSB number structure

BSB numbers follow a specific format and structure, consisting of six digits divided into three two-digit segments.

Each segment holds significance and provides valuable information about the financial institution and branch associated with the BSB number. The first two digits: Bank code

The first two digits of the BSB number represent the bank code.

Each financial institution in Australia has a unique code assigned to them. For example, the Commonwealth Bank is allocated the code 76.

This allows the PEH system to identify the correct bank when processing transactions. The second two digits: Branch code

The second two digits of the BSB number represent the branch code.

This code signifies the specific branch within the bank where the account is held. It helps the PEH system route funds to the correct branch within the financial institution.

In the case of the BSB number 762-254, the branch code is 22, indicating a specific branch of the Commonwealth Bank. The final two digits: Reserve digit

The final two digits of the BSB number are reserved for future use and do not hold any specific significance in the identification or routing of funds.

Interpreting the BSB number 762-254:

Now that we understand the structure of BSB numbers, we can interpret the given number, 762-254, in more detail. The first two digits, 76, indicate that the financial institution is part of the Commonwealth Bank Group.

The following two digits, 2-2, specify the branch within the Commonwealth Bank. In this case, the branch code is 22.

Finally, the reserve digit, which is not currently used, is represented by the digits 5-4. The BSB number 762-254 identifies a specific branch within the Commonwealth Bank, located at 862 Military Road, Mosman, NSW, with the postcode 2088.

This branch serves the local community by providing a range of banking services, including account management, lending, and financial advice. In conclusion, the structure of BSB numbers plays a crucial role in identifying and routing funds within the Australian banking system.

The specific digits within the BSB number provide valuable information about the financial institution and branch associated with the number. Understanding the format and significance of BSB numbers helps ensure accurate and efficient transfer of funds, and in the case of the BSB number 762-254, it corresponds to a specific branch within the Commonwealth Bank, which can be found at 862 Military Road, Mosman, NSW, with the postcode 2088.

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