.Net WebClient - self signed certificate

I have two applications (.net) on two web-servers. The first application will need to do a request (via WebClient) to the second and get results. I need to ensure Encryption, data integrity, and authentication. Let's say I create a self signed certificate. I bind it to the 2nd application and also add it to the certificate storage of my first application (and also add it on my webclient). Will this be enough (security wise)?
http://dlvr.it/S1bdq2