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You might not have saved it after overriding the payee's name, SJam.
Instead of clicking Save and close, you clicked the close ( X ) icon. In addition, we can refresh the page to see the changes.
If you still get the same thing, it's possible that your browser's cache is causing the transaction and report not to update well.
To fix this, we can perform a few troubleshooting steps to remove stored data. Here's how:
Also, we can delete then recreate the recurring template instead of overwriting it.
I'll be here if you have more questions with your recurring transactions. Have a good one!