I’ve worked in banking for a few years so heres some genuine information:
1) Most big name banks are signed up to Confirmation of Payee which means your provider will normally tell you if the details and the name match. If they don’t or there’s a slight misspelling they’ll also let you know and ask if you want to make the payment. Smaller banks, such as Metrobank are not part of this just yet
2) When sending faster payments (bank transfers) generally most big name banks will tell you the account holders name as it appears on their bank. E.G. if my bank account name was Tesco Meal Deal and I sent you a payment, you would see “Tesco Deal” on your statement (assuming Meal was a middle name). Again it varies from bank to bank some providers show your full name including middle name, other banks like Monzo only show your surname and your first initial when receiving payments.
3) Business accounts / Sole Trader accounts behave in the same way. If you make a faster payment then it will show your LTD company name or trading as name on the beneficiaries statement.
To summarise there is no way to hide your name or parts of your name when sending money via a bank transfer to another bank account.
Advice:
1) If the name given by the SP for the account doesn’t match the Confirmation of Payee prompt when making the first payment, DON’T MAKE THE PAYMENT. You are better safe than sorry.
2) You can make a “Payment recall” if you’ve sent the SP money and they’ve ghosted on you. I’m sure all banks provide this service as long as you’ve made a faster payment (most if not all bank transfers are faster payments unless you’ve specifically requested a CHAPs payment, which you mainly do when sending large sums of money). Your bank has 21 working days to try and recall the funds from the beneficiaries account, however they will ask you a lot of questions about who what when where why and how. So I recommend you get your story straight and stick to it unless you want to admit you paid £50 for an escort deposit 😂. Also the minimum you can recall is £20. Also be prepared for the bank to “investigate” the issue as they may look into your transaction history and probe. Be warned if you do too many payment recalls your account may be closed for improper use or “fraud”.
On a side note, if the SPs account gets flagged, e.g. multiple people are trying to recall payments from the SPs account, the SPs bank will investigate SPs account and most likely have it closed. FYI the both banks have an obligation to investigate every payment recall request and more often than not, the account reported does get restricted/ closed.
Let me know if you want me to clarify anything