In Germany at least, when you order a transaction you have to specify recipient account holder name and IBAN. Recipient bank checks if the name on the IBAN matches with the one in their records (after normalization to reduce error rates e.g. from umlauts) and if there's an obvious mismatch reject the transaction.

Business accounts however are not checked as tightly as people often enough either outright mis-spell the company name, use outdated company names, specify departments in the name and not the comment field, ...