I think they're both the same , just different companies would give different names for the same thing for the sake of uniqueness .

I have a tremolo effect in my Boss GT-3 effect unit , and my Fender amp has a vibrato channel ... Basically both are the same (except that the multi-effect got more parameters to control).
I don't think there's any difference in terms of speed (if you increase the speed massively on any of them , it won't sound cool).