The cascading of a discrete Fourier transform processor and a digital polyphase network is shown to reduce the computation rate in frequency multiplexing-demultiplexing systems to a value close to minimum. Implementation advantages of that technique are pointed out. The highest efficiency is achieved when the number of channels is close to a power of 2, which is demonstrated by the 60-channel frequency-division-multiplexing (FDM)-2 × 30-channel time-division-multiplexing (TDM) transmultiplexer; a rough estimate of the computation rate is carried out in a practical case and appears to be quite within reach of the present technological capabilities. Significant cost advantage over equivalent analog equipment is expected. A digital version of the 12-channel FDM system using the same technique is also considered.