BSB Number: 764-034
Bank: Commonwealth Bank
Financial Institution: CBA
Address: 180 Ann Street
City: Brisbane
State: QLD
Postcode: 4000
System: PEHto BSB numbers
When it comes to banking, it’s essential to have a basic understanding of BSB numbers. These numbers play a crucial role in the smooth functioning of the banking system.
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” numbers. Each BSB number is a unique identifier for a specific bank branch within Australia.
It consists of six digits, with the first two indicating the bank, the next two indicating the state, and the final two indicating the branch.
Importance of BSB numbers in the banking system
BSB numbers are vital for the smooth functioning of the banking system. They play a crucial role in various banking operations, such as funds transfer, direct deposits, and bill payments.
Here are a few reasons why BSB numbers are important:
1. Identification of banks and branches: BSB numbers accurately identify banks and their respective branches.
This helps in ensuring that funds are routed to the correct destination without any confusion. 2.
Seamless funds transfer: BSB numbers are used to route funds from one bank account to another. When you transfer money to someone else’s account, their BSB number ensures that the funds reach the right branch and account.
3. Direct deposits: BSB numbers are also used for direct deposits.
Whether it’s your salary or government benefits, BSB numbers allow funds to be directly credited to your bank account, eliminating the need for physical checks or cash transactions. 4.
Bill payments: Many bill payment systems use BSB numbers to identify the recipient’s bank and branch. This ensures that your payment reaches the intended party promptly and accurately.
How BSB numbers are used for identification and routing of funds
Now that we understand the importance of BSB numbers, let’s delve into how these numbers are used for identification and routing of funds. 1.
Identification: BSB numbers help in identifying the bank and its branch. They provide essential information about the financial institution where the account is held.
This identification helps in ensuring that funds are accurately routed to the intended bank and branch. 2.
Routing funds: BSB numbers play a crucial role in routing funds from one account to another. Whether it’s a local transfer or an international remittance, BSB numbers help in directing the funds to the correct correspondent bank and ultimately to the recipient’s account.
3. Online banking: While using online banking services, BSB numbers are required to initiate various transactions.
Whether you want to transfer funds or set up a direct deposit, the BSB number is a crucial piece of information. 4.
Error prevention: BSB numbers help in preventing errors during fund transfers. By using the correct BSB number, you can minimize the chances of your funds being sent to the wrong account or even a different bank altogether.
5. Enhanced security: BSB numbers also contribute to enhanced security in the banking system.
This unique identifier ensures that funds are being transferred to the intended recipient only. In conclusion, BSB numbers are a vital component of the banking system.
They provide identification and routing information, ensuring that funds are accurately transferred and that banking operations run smoothly. Understanding and using BSB numbers correctly is crucial for anyone involved in banking, whether it’s individuals making transactions or businesses handling payroll and bill payments.
So, next time you initiate a transaction, keep in mind the importance of these six-digit numbers and their role in the seamless functioning of the banking system. PEH System and its relevance to the provided BSB number: 764-034
The PEH system, known as the Payment, Eligibility and Holdings system, is an important component of the Australian banking system.
It is closely related to the BSB number provided (764-034) and plays a significant role in the handling of funds and transactions. What is the PEH system?
The Payment, Eligibility and Holdings (PEH) system is a comprehensive electronic platform used by financial institutions, including banks, to process and manage various types of transactions. It acts as a central hub that facilitates the transfer of funds, verifies eligibility for benefits or payments, and maintains records of account holdings.
The PEH system is designed to ensure fast, secure, and accurate processing of financial transactions, such as direct deposit payments, electronic funds transfers, and bill payments. It enables financial institutions to streamline their operations and provide efficient services to their customers.
How does the PEH system relate to the BSB number 764-034? The BSB number 764-034 provided corresponds to the Commonwealth Bank branch located at 180 Ann Street, Brisbane, QLD, with the PEH system.
Let’s break down the BSB number and understand how it relates to the PEH system:
1. The first two digits: The first two digits of the BSB number (76) indicate the bank.
In this case, 76 indicates the Commonwealth Bank, identifying it within the banking system. 2.
The next two digits: The next two digits (4-0) indicate the state where the branch is located. In this case, 4 represents Queensland (QLD).
3. The last two digits: The last two digits (34) indicate the specific branch of the bank.
In this case, 34 corresponds to the branch located at 180 Ann Street, Brisbane. The BSB number 764-034, therefore, identifies the Commonwealth Bank branch at 180 Ann Street, Brisbane, QLD, within the PEH system.
This specific BSB number directs funds and transactions to this particular branch, ensuring that they are handled accurately and efficiently.
The significance of different digits within the BSB number
Each digit within the BSB number holds significance and provides essential information about the bank and its branch. Understanding the structure of the BSB number helps in interpreting the information it conveys.
Here’s a breakdown of the significance of different digits within the BSB number:
1. The first digit: The first digit of the BSB number represents the banking institution.
It is used to differentiate between different banks. In the case of the BSB number 764-034, the first digit (7) identifies the Commonwealth Bank.
2. The second digit: The second digit represents the state where the bank branch is located.
It helps in identifying the branch’s geographical location. In the BSB number 764-034, the second digit (6) represents Queensland (QLD).
3. The third and fourth digits: The third and fourth digits together represent the branch code.
These digits help in identifying a specific branch within a bank. In the BSB number 764-034, the third and fourth digits (40) represent the branch located at 180 Ann Street, Brisbane.
Interpreting the BSB number 764-034
Based on the breakdown of the BSB number, we can interpret the BSB number 764-034 as follows:
– 764: Commonwealth Bank
– 0: Queensland (QLD)
– 34: 180 Ann Street, Brisbane branch
This interpretation identifies the specific branch of the Commonwealth Bank at 180 Ann Street, Brisbane, QLD, within the PEH system. Any funds, transactions, or inquiries related to this branch can be routed using the BSB number 764-034.
In conclusion, the PEH system is an integral part of the Australian banking system, ensuring smooth and efficient processing of financial transactions. The BSB number 764-034, belonging to the Commonwealth Bank branch at 180 Ann Street, Brisbane, QLD, is closely related to the PEH system.
Understanding the structure and significance of BSB numbers helps in accurate identification and routing of funds, ensuring that transactions are processed correctly and efficiently. The combination of the PEH system and the BSB number enables financial institutions to provide reliable and secure banking services to their customers.