I needs to implement SSL for two way communication.
Can anyone please let me know what are the things I should ask to provide to target system and what I should provide to target for certifacts point of view.
Also please let me know what are the other things I should configure in IS.
just make sure that both servers know about all issuing CA certificates (either specified in cacerts of JVM or in the configured truststore of the IS (or whatever they are using)).
If neccessary your partner might require a copy of your server cert as well.
Please have a look at the IS Administration Guide for details.