I'd encountered Shopify payout failure issue

[Akl_yu]

The error message received from Shopify mentioned "... because the bank account details you entered were incorrect. .."

I suspected it was due to the mismatch between the Bank Account Name and the payout beneficiary name.

I found that there is a "Legal Business Name" under the "Billing Information" of "Store Details". 

I have the following questions:

1> Does Legal Business Name refer to payout beneficiary name?

2> "Bank Account Name" must be = "Legal Business Name" for successful payout?

Many thanks.