Hi Reddi,
Yes, it's supported by MIF and you should be able to configure it without automation scripts.
How you trigger your integration will depend on the use case. One way is to have an external system and a publish channel with listener enabled and publish JSON checked. This way the integration gets triggered when you save the parent record of the underlying object structure.
Validation can happen at the object structure or MBO level when the response gets processed. What you're missing in the description above is JSON Mapping - this is where you transform outgoing or incoming JSON. In order for Maximo to apply JSON mapping and do the transformation, the name of the mapping record needs to follow a certain pattern.
Please see the following article from IBM for the explanation of how it works: Maximo JSON mapping - looking for an example? You can use JSON mapping for IN, OUT and RESPONSE calls.