Bank Code Verified

764-100, BSB Number for Commonwealth Bank, Lutwyche, QLD

BSB Number: 764-100

Bank: Commonwealth Bank

Financial Institution: CBA

Address: 485-487 Lutwyche Road

City: Lutwyche

State: QLD

Postcode: 4030

System: PEHto BSB numbers: What are they and why are they important in the banking system? In the complex world of banking, every detail matters.

One such detail that plays a crucial role in the identification and routing of funds is the BSB number. Short for Bank State Branch number, this unique numerical code holds significant importance in the smooth functioning of the financial system.

In this article, we will dive deeper into the world of BSB numbers, uncovering their purpose and how they are used to ensure the seamless transfer of funds. What are BSB numbers?

First and foremost, let’s understand the anatomy of a BSB number. It typically consists of six digits, separated into pairs by a hyphen.

This configuration provides a structured format for identifying specific branches of a bank or financial institution in Australia. Each bank and branch is assigned a unique BSB number, enabling them to be easily identified within the vast network of the banking system.

Importance of BSB numbers:

The significance of BSB numbers lies in the fact that they serve as an essential identifier when transferring funds between banks. When initiating a transaction, whether it be a simple cash transfer or a payment to a supplier, knowing the recipient’s BSB number is crucial.

It acts as a routing code, directing the funds to the correct branch and ensuring that the money reaches its intended destination efficiently and securely. Identification and Routing of Funds:

Now, let’s delve deeper into how BSB numbers facilitate the identification and routing of funds.

When initiating a transfer, the sender’s bank will ask for the recipient’s BSB number, along with their account number. These two pieces of information work hand in hand to ensure accuracy and precision in transferring funds.

Let’s break it down step by step:

1. Identification:

The BSB number helps identify the specific branch of a bank or financial institution where the recipient holds their account.

By inputting the BSB number, the banking system can ascertain the exact location of the branch, ensuring that the funds are directed to the right place. 2.

Routing:

Once the recipient’s branch is identified, the funds are then routed through the banking system. This involves a series of intricate processes handled by the financial institutions involved.

The BSB number acts as a guiding beacon, leading the funds through the vast network of banks, ensuring they reach their intended destination swiftly and accurately. 3.

Verification:

Throughout the transfer process, the BSB number is continually verified by the banking system to ensure its accuracy. This verification step provides an added layer of security, minimizing the risk of funds being misdirected or lost in transit.

Importance of Accuracy:

The accuracy of BSB numbers is vital in the smooth functioning of the banking system. A single-digit error in the BSB number can lead to the funds being routed to the wrong branch or potentially getting lost in the labyrinth of financial transactions.

It is, therefore, crucial for both senders and recipients to double-check the BSB number before initiating any transfers to avoid any unnecessary complications or delays. Final Thoughts:

In conclusion, BSB numbers play a fundamental role in the efficient functioning of the banking system.

Their importance lies in their ability to identify specific branches of a bank and guide funds through the intricate network of financial transactions. By understanding the significance of BSB numbers and ensuring their accuracy, individuals can ensure the smooth and secure transfer of funds in today’s complex financial landscape.

Topic 3: PEH System

The PEH System: What does it stand for and how does it relate to the BSB number provided? In the ever-evolving landscape of banking, various systems and technologies have been developed to ensure the accuracy and efficiency of financial transactions.

One such system is the PEH system, which plays a vital role in streamlining the processing of transactions within the banking network. In this section, we will uncover what the PEH system stands for and explore its relationship with the BSB number provided.

What is the PEH system? PEH, which stands for Payments Entry Hub, is a central processing system utilized by financial institutions to manage and process electronic payments effectively.

It acts as a hub that connects various banks and facilitates the transfer of funds between them. The PEH system is responsible for electronically processing payment instructions, including transfers made via the BSB number and account number.

It ensures that these transactions are validated, accurately processed, and routed via the appropriate channels. Relationship between the PEH system and the BSB number provided:

In the case of the BSB number 764-100, the PEH system plays a crucial role in validating and processing transactions related to the Commonwealth Bank branch located at 485-487 Lutwyche Road in Lutwyche, QLD.

When a payment is initiated from another bank or financial institution to the Commonwealth Bank branch mentioned above, the PEH system validates the BSB number to ensure its accuracy and legitimacy. It cross-references the BSB number to the corresponding financial institution (in this case, CBA – Commonwealth Bank), ensuring that the funds are directed to the correct recipient.

Additionally, the PEH system also ensures that the BSB number is within an acceptable range and adheres to the standards set by the Australian Payments Clearing Association (APCA). This further ensures the accuracy and security of the transaction.

The PEH system acts as a critical link between the sender and the recipient, ensuring that the funds are routed correctly and securely. It handles not only BSB-number-based transactions but also a wide range of other payment methods, including direct debits, credit card payments, and online transfers.

With the growth of electronic payments and the increasing complexity of the financial system, the PEH system plays a pivotal role in maintaining the integrity and efficiency of transactions. Its ability to validate BSB numbers and process payments accurately ensures that funds reach their intended recipients promptly, contributing to the overall stability of the banking system.

Now that we have explored how the PEH system connects to the BSB number provided, let’s delve deeper into the format and structure of BSB numbers in general. Topic 4: Understanding BSB number structure

BSB Numbers: Decoding the structure and format

BSB numbers are not just random sets of digits; they have a specific structure and format that holds significance in the world of banking.

Understanding the structure of BSB numbers is essential for accurately identifying specific branches of financial institutions. In this section, we will outline the format and structure of BSB numbers, decoding their different digits and explaining how the provided BSB number, 764-100, can be broken down and interpreted.

Format and Structure:

A BSB number consists of six digits, separated into pairs by a hyphen. Each digit in the BSB number carries its own significance.

Let’s break down the structure and significance of each digit:

1. First two digits (7 in the case of 764-100):

The first two digits of a BSB number identify the financial institution to which the branch belongs.

In this example, the digits 7 indicate that the branch is associated with the Commonwealth Bank. 2.

Next three digits (64 in the case of 764-100):

These three digits represent the specific branch or office of the financial institution. It signifies the geographical location of the branch or its area of operation.

3. Last digit (0 in the case of 764-100):

The final digit is the checksum digit, commonly referred to as the routing digit.

It is used to validate the BSB number and ensure its accuracy. The checksum ensures that the BSB number entered corresponds to a valid branch of the financial institution and minimizes errors in routing funds.

Interpreting the provided BSB number (764-100):

Now, let’s apply our understanding of the structure and significance of BSB numbers to interpret the given BSB number, 764-100. The first two digits, 7, indicate that the branch belongs to the Commonwealth Bank (CBA).

The subsequent three digits, 64, represent the specific branch or office within the Commonwealth Bank network. Lastly, the routing digit, 0, ensures the accuracy and validity of the BSB number, minimizing routing errors.

So, in the case of BSB number 764-100, it corresponds to a specific branch of the Commonwealth Bank located at 485-487 Lutwyche Road in Lutwyche, QLD. Understanding the format and structure of BSB numbers is crucial in accurately identifying and routing funds to specific branches within the vast network of financial institutions.

By breaking down and interpreting BSB numbers, individuals and businesses can ensure the smooth transfer of funds and minimize the risk of errors or misdirected payments. In conclusion,

the PEH system serves as a centralized hub for processing electronic payments, including those involving BSB numbers.

It ensures the accuracy and legitimacy of transactions, minimizing errors and ensuring funds are routed correctly. Furthermore, understanding the format and structure of BSB numbers is essential for accurately identifying specific branches and ensuring funds reach the intended recipients.

By comprehending these intricacies, individuals and businesses can navigate the banking system more effectively, contributing to a seamless and secure financial landscape.

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