FIFO's are also called as named pipes. The main difference between FIFO and pipes is that pipe can only be used with related process i.e. parent-child whereas FIFO can be used with unrelated processes ensuring efficient communication.
FIFO is named buffer without seeking.It is a special type of pipe which uses file system as a medium of data transfer between two unrelated process that follow first in first out data flow by creating a virtual data channel.