USING BANK ACCOUNT NAME AS PAYEE NAME - Oracle R12.1.3

We have a requirement to print payee name which is different than supplier name in payment document. For this although we can define relationships by defining suppliers first. However, we don't want to define multiple suppliers.

However, as an alternate, we are planning to use same supplier master record and using banking details section and updating bank account name as payee / beneficiary name. This will be printed in customized reports.

Please advise if this approach is practical.

Regards,