Does the bank account need to be named under the account holder?

No, the designated bank account for payouts must be in the name of the corporation, partnership, or sole proprietor.
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For current PayMongo accounts that do not have a bank account under their business name, payouts will be placed on hold until a compliant bank account is provided. For those who don’t have a bank account under their business, they can use the PayMongo wallet to process payouts instead.