Bank Code Verified

764-451, BSB Number for Commonwealth Bank, Nerang, QLD

BSB Number: 764-451

Bank: Commonwealth Bank

Financial Institution: CBA

Address: Shop 36-38 My Centre 57 Station Rd

City: Nerang

State: QLD

Postcode: 4211

System: PEHto BSB numbers

Imagine this: You’re transferring funds from your bank account to pay your bills or send money to a friend, but do you ever stop and wonder how your money actually gets from one place to another? One vital piece of information that ensures your money ends up where it’s supposed to be is the BSB number.

In this article, we will explain 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. Essentially, a BSB number is a unique identifier assigned to each branch of a bank in Australia.

It is a six-digit numerical code that helps in identifying the specific bank and branch where an account is held. Think of it as a postcode for your bank account.

Importance in the banking system

So why are BSB numbers so important in the banking system? Well, without them, banks would not be able to efficiently process and route funds.

BSB numbers serve as an essential tool for identifying the bank and branch associated with an account when transactions are initiated.

Identification and routing of funds

When you initiate a transaction, either online or through a physical branch, the BSB number comes into play. Let’s say you want to transfer funds from your account to a friend’s account at a different bank.

To make this happen, you would need to provide your friend’s BSB number along with their account number. The BSB number is used to route the funds accurately within the banking system.

It helps the banks determine where the money should go – which bank and branch to credit. The BSB number acts as a key to unlocking the correct destination for your funds.

When you make a transfer, the banking system checks the BSB number against a database of valid BSB numbers to ensure it matches with the correct bank and branch code. This verification process helps in preventing any misrouting of funds and ensures that your money reaches the intended recipient.

Additionally, BSB numbers are used for other banking services such as direct debit and direct credit payments, bill payments, and even setting up automatic transfers. By providing the correct BSB number along with the account number, you can ensure that the payment is directed to the right place.

In summary, BSB numbers play a vital role in the banking system by providing a unique identifier for each bank branch and facilitating the identification and routing of funds. Without BSB numbers, the whole process of transferring money would become complicated and prone to errors.

So the next time you make a payment or transfer funds, remember the importance of those six digits that ensure your money ends up where it’s supposed to be. PEH System: Connecting BSB Numbers

In the vast world of banking systems, there are various technological frameworks and processes that ensure seamless transactions and efficient fund routing.

One such system is the PEH (Payment Event Hub) system. In this article, we will explore what the PEH system stands for and how it relates to the BSB number provided.

We will also delve into the format and structure of BSB numbers, deciphering the significance of different digits within the number and how the given BSB number can be broken down and interpreted. The PEH system, short for Payment Event Hub, is a sophisticated technological infrastructure that connects financial institutions and streamlines the movement of funds.

It acts as a centralized hub where payment events, such as transactions and fund transfers, are received, processed, and routed to their respective destinations. One important component of the PEH system is the BSB number.

The BSB number acts as a critical piece of information that helps the PEH system identify the correct bank and branch to process transactions. It enables accurate fund routing and ensures that money reaches its intended destination.

In other words, the BSB number serves as the bridge between the PEH system and the individual banking institutions. Let’s now shift our focus to understanding the structure and format of BSB numbers.

A BSB number consists of six digits, with each digit holding a specific meaning and significance. The first two digits represent the bank code, which identifies the bank associated with the account.

For example, the bank code for the Commonwealth Bank is 76. The next three digits represent the state code, which indicates the state or territory in which the bank branch is located.

In this case, the state code for Queensland (QLD) is 4. Finally, the last digit, known as the branch code, signifies the specific branch within the bank.

It differentiates between multiple branches within the same bank and state. In our provided BSB number (764-451), the branch code for the Nerang branch of the Commonwealth Bank is 1.

By breaking down the BSB number given (764-451), we can interpret it as follows: The bank associated with this BSB number is the Commonwealth Bank (76). The branch is located in the state of Queensland (4), specifically in Nerang (1).

When this BSB number is processed by the PEH system, it recognizes the bank, the state, and the branch, allowing for accurate routing of funds to the Commonwealth Bank’s Nerang branch. The PEH system utilizes the provided BSB number to ensure that funds are delivered to the correct bank branch efficiently.

By capturing the BSB number during the transaction initiation process, the PEH system routes the payment event to the relevant bank and branch. This eliminates the risk of misdirection and enhances the overall speed and accuracy of the payment process.

In conclusion, the PEH system serves as a vital hub for processing and routing payment events within the banking system. The BSB number acts as a key identifier within this system, allowing the PEH system to recognize the correct bank and branch associated with an account.

Understanding the structure and significance of different digits within the BSB number helps ensure accurate fund routing. By leveraging the power of the PEH system and the BSB number, banks and their customers can enjoy secure and efficient financial transactions.

Popular Posts