Business Partner Request / Creation

Is there a standard process available in SAP to request, validate, approve and create Business Partners (Vendors and Customers).

Basically users of SAP or customers or vendors itself can enter basic information like address, Tax ID etc and request the Master data to be created based on whether an ID already exits in SAP or not.

Please recomand which standard SAP product /tool will provide the features with versions (MDM, SRM, CRM or BPM).