How will this change impact Corporates?

If your business is transferring funds to a retail Payee, upon entering the Payee’s PayNow proxy to make payment, your business will only see selected letters of the Payee’s name as their updated PayNow name. This updated PayNow Payee name will also be shown in your business’ bank statement and transaction records.

If your business is transferring funds to a corporate Payee, there is no change and your business will see the full registered account name of the Payee’s business as per today. The full name of the corporate Payee will be shown in your bank statement and transaction records.