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exists and is an alternate of . Making the world better, one answer at a time. If by IT you mean computer architecture, then the communication bus would be a physical path on the circuit board, that connects various components which passes electrical signals between each other. The nature of the signal is either on or off and the path is either serial or parallel in nature.
The bus concept decouples applications from each other. This is usually achieved using a messaging server like JMS or AMQP. The data that travels on the bus is a canonical format and is almost always XML. There is an adapter between the application and the bus that marshals data between the two parties.