@Rika - So it’s more of ‘guidelines’ that the PSR want Banks to follow, rather than being Statutory… Obviously this does have a knock on effect to your customer base, as if Customers don’t follow these, then it would mean that Banks are not really following them which is not really what PSR want, even though they are not enforcing them, as they are ‘guidelines’ 
So what online banks would receive payments without revealing the legal name?
Wait what? They don’t? 
Why do I get the feeling there will be a follow up thread called “Monzo froze my account for no reason!”
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When you say both can be changed, do you mean both legal and preferred names can be changed?
I work for an investment platform and workplace pension provider. We are very strict about sending payments, after all when someone sends their life savings to their bank accounts we have to make sure it goes to the right place. To that end we do have the facility to verify an account sort code, account number and the name on that account.
It’s a bit hit an miss from time to time as the mandate verification checks we do are not supported by all banks, but when we ask them to confirm a name on an account we often get a refer response saying the individual couldn’t be matched. Example, the account is in joint names, the names don’t match up exactly.
But we do get through BAC Credit systems AWACS report. This is a report banks use to notify us that we have used incorrect account details for a Bacs Credit. It also provides us with correct account details so we can adjust our records and make sure payment go through in the future.
So ultimately, depending on the level of checks the sender and receiver does name can have an effect on if a payment goes through.
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