When doing a bank transfer in Germany (and probably by now other countries that have Euro with IBAN and BIC) you have to give a beneficiary. In German, that is either called Kontoinhaber or Begünstigter. While many companies that send you bills tell you what to put there, some do not. I've always just put the company name into that field. Likewise, when buying something on Ebay or just sending money to someone, I would just put their name.
Is that field really relevant? Do banks do something with it? Will the transfer fail or take longer if I have spelling mistakes or put something entirely wrong there?