Bank Code Verified

762-641, BSB Number for Commonwealth Bank, Shellharbour, NSW

BSB Number: 762-641

Bank: Commonwealth Bank

Financial Institution: CBA

Address: Shop 1064-1065 Lake Entrance Rd

City: Shellharbour

State: NSW

Postcode: 2529

System: PEH

Title: Understanding BSB Numbers and the Commonwealth BankWhen it comes to banking, there are numerous technical terms that can be confusing to the average person. One such term is the BSB number, often referred to as the Bank State Branch number.

This article aims to demystify BSB numbers and shed light on their importance within the banking system. We will also delve into the specifics of the Commonwealth Bank, one of Australia’s most well-known financial institutions.

Topic 1:to BSB Numbers

1.1 What are BSB Numbers? BSB numbers are unique six-digit codes assigned to each financial institution in Australia.

They serve as a means of identifying the bank and its specific branch. BSB numbers facilitate accurate routing of funds during electronic transactions.

1.2 Importance of BSB Numbers

BSB numbers play a crucial role in ensuring that funds reach the intended recipient. By providing a BSB number, customers allow banks to accurately route their transactions to the correct branch, minimizing errors and delays.

Additionally, BSB numbers are used in electronic banking systems, making it easy for customers to transfer funds and make payments to accounts within the same financial institution or across different banks. 1.3 How BSB Numbers Work

Each BSB number follows a specific format.

The first two digits represent the financial institution code, indicating the bank. The following four digits represent the branch code, referring to the specific branch of the bank.

This unique combination allows for precise identification and routing of funds. 1.4 Applications of BSB Numbers

BSB numbers are used in various transactions, including electronic funds transfers (EFT), direct debits, and bill payments.

When setting up automatic payments or providing banking details for deposits, individuals may be required to provide their BSB number. This ensures that funds are directed to the correct account without any hiccups.

Topic 2: Commonwealth Bank

2.1to Commonwealth Bank

The Commonwealth Bank (CBA) is one of Australia’s big four banks and has a rich history dating back to 1911. It is known for its extensive range of financial products and services, catering to individuals, businesses, and institutional clients across the country.

2.2 CBA’s Commitment to Innovation

The Commonwealth Bank’s commitment to innovation has led to the development of various cutting-edge technologies. Their online and mobile banking platforms offer customers convenient access to their accounts, while features such as PayID and Tap and Pay further simplify transactions.

2.3 CBA’s Role in Community Development

Apart from its banking services, the Commonwealth Bank actively contributes to the communities it serves. The bank focuses on supporting education, the arts, and initiatives aimed at improving the well-being of Australians.

Their support for the Indigenous community and various disaster relief efforts is testament to their commitment to social responsibility. 2.4 CBA’s Digital Transformation

The Commonwealth Bank has invested heavily in its digital transformation to enhance customer experiences.

They have embraced emerging technologies like artificial intelligence and machine learning to streamline processes and provide personalized services. This emphasis on digitization underscores their dedication to meeting the ever-evolving needs of their customers.

2.5 Customer Satisfaction and Awards

Over the years, the Commonwealth Bank has maintained high customer satisfaction ratings. Their dedication to service and innovation has been recognized with numerous prestigious awards, including those for online and mobile banking excellence.

Such accolades validate the bank’s commitment to delivering exceptional experiences for their customers. In conclusion, BSB numbers are essential for identifying and routing funds accurately within the banking system.

The Commonwealth Bank, as a leading financial institution in Australia, not only utilizes BSB numbers effectively but also strives to provide innovative and customer-centric services. Understanding the importance of BSB numbers and being aware of the capabilities of your bank can greatly benefit you in managing your finances efficiently.

Topic 3: PEH System

3.1 What is the PEH System? The PEH system, short for Primary Electronic Host System, is a terminology used by the Commonwealth Bank of Australia (CBA).

The PEH system is an internal platform developed by CBA to streamline and manage electronic transactions efficiently. It is a crucial component of the bank’s digital infrastructure, enabling the smooth processing of electronic transfers and payments.

3.2 PEH System and BSB Numbers

In relation to the BSB number provided (762-641), the PEH system is utilized by the Commonwealth Bank to process transactions associated with this particular branch. As a state-of-the-art electronic system, PEH plays a fundamental role in identifying the specific branch, facilitating secure funds routing, and ensuring the accuracy and efficiency of transactions.

3.3 Importance of the PEH System

The PEH system is vital for the Commonwealth Bank, as it ensures that customer transactions are processed safely and without delay. By utilizing the PEH system, the bank can manage vast amounts of electronic data, validate the authenticity of transactions, and ensure that funds are routed accurately to the intended branch.

3.4 Benefits of the PEH System

The PEH system offers numerous benefits to the Commonwealth Bank. Firstly, it minimizes errors and enhances the security of electronic transactions.

By validating and cross-referencing the BSB number, account details, and transactional data, the PEH system ensures that transfers are directed to the correct destination. Additionally, the system’s automated processes streamline operations, reducing the time taken to complete transactions.

Topic 4: Understanding BSB Number Structure

4.1 Format of BSB Numbers

BSB numbers consist of six digits, divided into two parts: the financial institution code (first two digits) and the branch code (remaining four digits). Together, these codes uniquely identify each bank and branch within the Australian banking system.

4.2 Significance of Different Digits within BSB Numbers

The first two digits of a BSB number represent the financial institution code. These code variations differentiate banks from one another.

For example, the Commonwealth Bank is assigned the code 76. The remaining four digits constitute the branch code, which identifies the specific branch within the financial institution.

In the case of the BSB number 762-641, “762” represents the Commonwealth Bank, while “641” corresponds to the specific branch located at Shop 1064-1065 Lake Entrance Rd, Shellharbour, NSW 2529. 4.3 Breaking Down the BSB Number (762-641)

Breaking down the provided BSB number (762-641), the financial institution code “762” indicates the Commonwealth Bank.

The branch code “641” specifies the branch’s location at Shop 1064-1065 Lake Entrance Rd, Shellharbour, NSW 2529. Therefore, this BSB number is associated with the Commonwealth Bank’s Shellharbour branch.

4.4 Interpretation of the BSB Number

Analyzing the BSB number further, “76” represents the Commonwealth Bank, a prominent financial institution in Australia. “2” signifies that the branch is located in New South Wales (NSW), and “641” is the unique identifier for the Shellharbour branch.

This interpretation demonstrates the significance and ability of BSB numbers to precisely locate and identify individual branches within the banking system. In summary, the PEH system is an integral part of the Commonwealth Bank’s digital infrastructure, supporting the processing of electronic transactions.

BSB numbers, like the one provided, interact with the PEH system to ensure the accurate routing of funds. By understanding the structure and significance of BSB numbers, individuals can comprehend their banking details more clearly, enabling a smoother and more efficient banking experience.

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