Apple Cash Name Change

I'm trying to update my name with Apple Pay, which has been done in every single setting. However, every time I transfer funds to my bank account, I keep seeing the old name on the statement.

I've just had a rather unsatisfactory experience with Apple Support: they practically told me that the only way to update this is to open a new account including a brand-new Apple ID. I find it hard to believe that Apple, being a highly-advanced tech company, cannot update this on their end. All other utility companies, banks, internet providers, etc. didn't have a single issue with this. I had to refuse going this route as I didn't want to have issues with my previous purchases linked to my current Apple ID.