The development is a SelfMon product and will eventually support an MQTT based receiver at the SelfMon side and transmit panel SIA events via MQTT. As you can see from the image above, the virtual RIO devices have 8 inputs and 4 outputs and I've enabled 4 virtual module addresses on the test panel. The outputs are driven by the panel and can be forwarded links of zone status or just standard outputs like bells, set, etc. The panel sees the module as if it were a hardware RIO. When the output is set by the panel, the module forwards the status change to the MQTT server (broker) and it can be picked up by any subscribing client. The virtual RIO also subscribes to its own 8 input channels, so if you have another device that publishes a status change to one of the input channels, then that input change is sent to the control panel. The intention is that an automation controller will act as a middle-man in this process. That is, unless the other sensors have the capability to publish to specific MQTT topics directly.
The reason for requiring the bigger panels is to maximise the number of virtual RIO's that can be enabled alongside wired RIO's. The FX100+ can take 11 external RIO's, so you can have the on-board, a couple of hard wired RIO's and then use the remainder of the addresses to maximise the number of virtualised outputs and inputs available.
This is a block diagram of the device:
http://www.selfmon.uk/manuals/LCE-K3/LCE-K3-MANUAL.pdf