I entered payer name wrong for my 1099-R, I put the company and not the bank name will this present a problem and cause me to have to amend?

Does this delay return process even longer?

Either it will go through OK and you have no worries (but save the 1099-R in case questions arise later) OR (more likely, I think) the filing will be rejected pretty quick and then you just correct the name and resubmit the e-file.  No big problem either way and no amendment needed.