In itunes connect, can the app seller be different than the name on the associated bank account? I have a personal developer account and my friend is connecting his bank account to my apple development account. 

Because I have developed the app so I want my name to be under the name of my app on app store, not my friend's name.

Can I still be the seller of the app even though payment is to my friend's bank account?
This seems like a legal arrangement that would be fine with Apple according to this section of the banking help:

Does the Account Holder Name field have to match the Legal Entity Name field?
No, the account holder name for your bank account doesn’t have to match the legal entity name for your agreement.
The information you provide for the Account Holder Name field, though, should exactly match the name your bank has on file for your account. Make sure this is correct to avoid any issues with your payments. If you’re not sure what name your bank has on file, check a recent bank statement or ask your bank.

My only recommendation would be to have a written contract with your friend lining out whatever agreement you have with them. Your entering banking information to Apple is a legal agreement, so you'll have a hard time getting any money back should you ever expect that once Apple pays the bank account you elected. As long as you control the account, you can update the bank (subject to 24 hours or more delay of course when you elect a change) but you'd likely not be able to claw back or get relief if you don't intend for them to get all the proceeds.
You would certainly be in hot water once the taxes are due on these funds since you are the seller no matter which bank receives the funds. I would pay someone to advise you alone on the banking and tax decisions before relinquishing any payments to an account you don't totally control.