Yes. There are two ways to rename a messaging account:
From My organization (org admins): Go to Settings > Organization settings > Team management > My organization. Click the three-dot icon next to the account, select Rename, enter the new name, and click Save. The new name applies immediately.
From the account's settings: Select the account on My organization and click View to open it. Then go to Settings > Account Settings > Account Details and update the account name. See Update messaging account details for more information.
Tip: Org admins can rename branches the same way from My organization.