Are alternative credits only an American thing?

[Johann]

 HW (Heriot Watt) has the option to "test out of" their Masters, such as the MBA, MSc Financial Management and so on...

The only relevant things they say on the site are: 

(1) That you schedule the exams when you feel you're ready. I guess if you feel ready, you could schedule it on Day 1 and write it about a month or two later, depending on the schedule of exams. Don't think it's done much. This is hard stuff. School is known for tough exams.
You've paid for tuition.You won't save money by skipping it and the likelihood of passing is seriously compromised.

(2) The degree CANNOT BE COMPLETED IN LESS THAN TWO YEARS. They simply won't allow it. They say so.

Where do you get this "testing out" info? Nothing else on the site. This is a GRAD DEGREE at a tough, Scottish school with high standards.
It is NOT a weekend, "LOL & he-he-he, let's mosey on down and take a stab at a CLEP" adventure. No Groupon, either. Serious money at stake.