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

Pam avatar
Written by Pam
Updated over 2 months ago

No, the designated bank account for payouts must be in the name of the corporation, partnership, or sole proprietor.

Effective May 13, 2024, all PayMongo accounts must have a bank account registered under the business name to comply with anti-money laundering laws and BSP and BIR regulations. This is required to continue receiving payouts.


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.

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