Hi Kapil
Not sure if this is applicable for your system but if you want to follow the same process as legacy system, you consider implementing Bank Communication Management (BCM) module. In BCM the payments in the payment run can be grouped to one or several batches according to your needs. You can refer below link for details.
https://help.sap.com/erp2005_ehp_06/helpdata/en/60/7ad0531d8b4208e10000000a174cb4/frameset.htm
Merge payments
https://help.sap.com/erp2005_ehp_06/helpdata/en/36/7ad0531d8b4208e10000000a174cb4/content.htm
Approve payments
Approve Payments - Bank Communication Management - SAP Library
Regards
Aniket