: Compression is the process of representing information in a compact form so as to reduce the bit rate for transmission or storage while maintaining acceptable fidelity or data quality. Over the past decade, the success of wavelets in solving many different problems has contributed to its unprecedented popularity. For best performance in image compression, wavelet transforms require filters that combine a number of desirable properties, such as orthogonality and symmetry. Due to implementation constraints scalar wavelets do not possess all the properties which are needed for better performance in compression. New class of wavelets called `Multiwavelets' which possess more than one scaling filters overcomes this problem. The objective of this paper is to develop an efficient compression scheme and to obtain better quality and higher compression ratio using Multiwavelet transform with Set Partitioned Embedded bloCK coder algorithm (SPECK). A comparison of the best known multiwavele...