Based on the EBCOT algorithm, JPEG 2000 finds application in many fields, including high performance scientific, geospatial and video coding applications. Beyond digital cinema, JPEG 2000 is also attractive for low-latency video communications. The main obstacle for some of these applications is the relatively high computational complexity of the block coder, especially at high bit-rates. This paper proposes a drop-in replacement for the JPEG 2000 block coding algorithm, achieving much higher encoding and decoding throughputs, with only modest loss in coding efficiency (typically < 0.5dB). The algorithm provides only limited quality/SNR scalability, but offers truly reversible transcoding to/from any standard JPEG 2000 block bit-stream. The proposed FAST block coder can be used with EBCOT's post-compression RD-optimization methodology, allowing a target compressed bit-rate to be achieved even at low latencies, leading to the name FBCOT (Fast Block Coding with Optimized Truncation).