Serial Peripheral Interface (SPI)
MikeGrusin 
A Synchronous Solution
SPI works in a slightly different manner. It's a "synchronous" data bus, which means that it uses separate lines for data and a "clock" that keeps both sides in perfect sync. The clock is an oscillating signal that tells the receiver exactly when to sample the bits on the data line. This could be the rising (low to high) or falling (high to low) edge of the clock signal; the datasheet will specify which one to use. When the receiver detects that edge, it will immediately look at the data line to read the next bit (see the arrows in the below diagram). Because the clock is sent along with the data, specifying the speed isn't important, although devices will have a top speed at which they can operate (We'll discuss choosing the proper clock edge and speed in a bit).
One reason that SPI is so popular is that the receiving hardware can be a simple shift register. This is a much simpler (and cheaper!) piece of hardware than the full-up UART (Universal Asynchronous Receiver / Transmitter) that asynchronous serial requires.