Payroll approval before generating bank file

Summary:

Multi-level Payroll approval before generating bank file

Content (please ensure you mask any confidential information):

Our client has a requirement to enable a multi-level payroll approval from HOD and Finance team before releasing the bank file:

1. Initiate approval once the payroll flow is completed with all tasks
2. Business user should be able to approve, reject and request more information
3. Maintain specific Approval status : Initiated/ Submitted as Draft/ Pending for approval/ Approved
4. Maintain Transfer Costing of Payment Status
5. Maintain specific payment reference number
6. Trigger approval based on amount, entity name etc.
   

Can this be achieved in standard Oracle configuration or we need to use PAAS solutions?