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.