Bank Code Verified

763-541, BSB Number for Commonwealth Bank, Werribee, VIC

BSB Number: 763-541

Bank: Commonwealth Bank

Financial Institution: CBA

Address: Shop 1 Cnr Bridge and Synnet Sts

City: Werribee

State: VIC

Postcode: 3030

System: PEHto BSB Numbers: Identification and Routing of Funds

When it comes to banking, there are certain numbers that hold significant importance. One such number is the BSB number.

Although it may seem like a random combination of digits, BSB numbers play a crucial role in the identification and routing of funds within the banking system. In this article, we will delve into the world of BSB numbers, exploring what they are, how they work, and why they are essential for both banks and customers alike.

What are BSB Numbers? BSB, which stands for Bank-State-Branch, is a unique numerical code assigned to each branch and financial institution in Australia.

It serves as a key identifier, helping to distinguish one bank or branch from another. The BSB number system was introduced in the late 1960s by the Reserve Bank of Australia to streamline the processing of checks and facilitate electronic fund transfers.

Each BSB number consists of six digits. The first two digits represent the bank or financial institution, while the third digit represents the state or territory where the branch is located.

Finally, the last three digits identify the specific branch within the state or territory. For example, if we take the BSB number 763-541, the number 763 indicates that it belongs to the Commonwealth Bank, while the state or territory is Victoria (VIC), and the specific branch is located in Werribee with the code 541.

The Importance of BSB Numbers in the Banking System

BSB numbers are essential for various functions within the banking system. Firstly, they play a crucial role in the identification and verification of bank accounts.

When setting up a new account, one of the key pieces of information requested is the BSB number of the desired branch. This ensures that the account is linked to the correct branch, and any funds deposited or withdrawn are accurately recorded.

Furthermore, BSB numbers are used for routing funds between financial institutions. When initiating a transfer or direct deposit, the sender must provide the BSB number of the recipient’s branch to ensure that the funds reach the intended destination.

The BSB number acts as a routing code, directing the funds to the correct branch and account within the vast network of financial institutions. In addition to identification and routing, BSB numbers also help in error detection.

By verifying the BSB number before initiating a transaction, banks and customers can ensure that the funds are being sent to the correct branch. Any discrepancies or errors in the BSB number can be flagged, preventing potential loss or misdirection of funds.

How BSB Numbers are Used for Identification and Routing of Funds

To understand how BSB numbers are used for identification and routing of funds, let’s walk through a hypothetical scenario. Imagine you want to transfer money from your Commonwealth Bank account to a friend’s account at a different bank.

The first step is to provide your friend with your BSB number, which in this case is 763-541, signifying the Commonwealth Bank branch in Werribee.

Your friend, on the other hand, needs to provide you with their BSB number, representing their bank and branch.

Suppose their BSB number is 999-999, for instance. Now, armed with both BSB numbers, you can initiate the transfer.

By entering your friend’s BSB number along with their account number into your online banking platform, the system will know that the funds need to be sent to the correct financial institution and branch. Once the transfer request is confirmed, the system will utilize the BSB number and other relevant details to route the funds to the appropriate destination.

The funds will be instructed to go to the recipient’s branch, as indicated by their BSB number, and then further sorted based on the account number provided. This ensures that the funds end up in the correct account at the designated branch, completing a successful transfer.

In conclusion, BSB numbers are vital in the banking system. They serve as a unique identifier for each branch and financial institution, making it possible to identify and route funds accurately.

By understanding the significance of BSB numbers, customers can ensure the smooth and secure transfer of funds, while banks can efficiently process transactions within their extensive network. So, the next time you need to provide or verify a BSB number, remember its crucial role in the banking world.

PEH System: A Closer Look at the BSB Number 763-541

In the world of banking, the BSB number is a key piece of information that helps identify and route funds within the Australian banking system. Each BSB number carries its significance, and the BSB number 763-541 is no exception.

In this article, we will explore the PEH system and how it relates to the provided BSB number, as well as take a closer look at the structure and significance of BSB numbers. The PEH system, also known as the Payment Events Hub system, is a payment infrastructure introduced by the Commonwealth Bank.

It is designed to process electronic funds transfers, including payments made through the New Payments Platform (NPP). The NPP allows for real-time transfers between financial institutions, providing customers with a faster and more convenient way to send and receive money.

Now, you may wonder how the PEH system relates to the BSB number 763-541. The connection lies in the fact that the Kaban branch of the Commonwealth Bank, located at Shop 1 on the corner of Bridge and Synnet Streets in Werribee, Victoria, operates under the PEH system.

The BSB number 763-541 belongs to this specific branch, indicating its association with the PEH system. Let’s now turn our focus towards understanding the structure and significance of BSB numbers.

As mentioned earlier, a BSB number consists of six digits. The first two digits represent the bank or financial institution, the third digit denotes the state or territory, and the last three digits identify the specific branch within the state or territory.

In the BSB number 763-541, the first two digits, 76, correspond to the Commonwealth Bank. This code is specific to the Commonwealth Bank and differentiates it from other banks operating in Australia.

The Australian Prudential Regulation Authority (APRA) assigns these two digits to each licensed bank or financial institution. In the case of the Commonwealth Bank, its assigned number is 76.

Moving on, the third digit in the BSB number, which is 3, represents the state or territory. In this instance, the digit 3 signifies Victoria as the state where the branch is located.

Each state and territory in Australia is assigned a unique code, ranging from 1 to 9, and specified by APRA. This enables accurate identification of the branch’s geographical location within the country.

Now, let’s delve into the last three digits of the BSB number, which are 541. These digits are crucial as they identify the specific branch within the state or territory.

In this case, 541 identifies the Kaban branch of the Commonwealth Bank in Werribee. These three digits are chosen by the bank themselves and are not standardized across all branches.

It is essential to take note of these three digits when providing or verifying a BSB number to ensure accuracy in transactions. The BSB number 763-541, therefore, breaks down as follows:

– 76: Identifies the Commonwealth Bank as the financial institution.

– 3: Denotes the state of Victoria where the branch is located. – 541: Identifies the specific branch of the Commonwealth Bank in Werribee.

Understanding the structure and significance of BSB numbers is essential for both banks and customers. Banks rely on accurate BSB numbers to route funds to the correct branch and account.

Customers, on the other hand, need to provide the right BSB number to ensure the smooth processing of their transactions and prevent any errors or misdirection of funds. In conclusion, the relationship between the BSB number 763-541 and the PEH system highlights the significance of the PEH system in processing electronic funds transfers.

The structure of BSB numbers, with their different digit placement, helps identify the bank, state or territory, and specific branch. By understanding the structure and significance of BSB numbers, both banks and customers can ensure efficient and accurate routing of funds within the Australian banking system.

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