The document describes a proposed high speed and area efficient 2D discrete wavelet transform (DWT) processor design for image compression applications implemented on FPGAs. The design uses a pipelined partially serial architecture to enhance speed while optimally utilizing FPGA resources. Simulation results show the design operating at 231MHz on a Spartan 3 FPGA, a 15% improvement over alternative designs. Resource utilization and speed are improved compared to previous implementations through the optimized DWT processor architecture and FPGA platform choice.