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It is possible to change the payee details using a different name as long as it is in the same country.
I have done it this week, they make a small EFT deposit into the new account that you verify online by entering the amount deposited and you can then select the new account to receive the monthly earnings, irrespective of the payee's name.
Obviously you can't change the name with the same bank account as it then wouldn't reach the account anyway if it is in another person's name :)
This is for EFT settings, i don't know if you can do this via cheque delivery.
I clicked on add a new bank account and next to the account holder's name is an "edit name" function that relates to the account holder's name, not the nick.
I changed it to a completely different name and have already had the account verified and funds paid into it. I presume you are looking at the wrong screen but either way, i sure could do it on my account and it isn't anything special.
You want me to send you a screen shot? I'd be happy to oblige but i am sure other users could confirm this also.