SF EC Name Format - middle initial vs middle name

[Adam_S]

Hi - 

Currently, the name format that we have in place shows the First Name, Middle Name and Last Name. We would like to adjust our Name Format across SF to only show the middle initial, if applicable. We don't have a designated field in EC that stores the middle initial and was hoping we could use a business rule or some other functionality to only show the first character of the middle name vs the entire middle name. Is it possible to configure the Name Format this way or would we need a designated field in EC that contains the middle initial?

Thanks