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One approach to transformation based compression is the Matching Pursuit Projection (MPP). MPP or variants of it have been suggested for designing image compression and video compression algorithms and have been among the top performing submissions within the MPEG-4 standardization process. In the case of still image coding, the MPP approach has to be paid with an enormous computational complexity. In this work we discuss sequential, as well as parallel speedup techniques of a MPP image coder which is competitive in terms of rate-distortion performance.