A sample rate converter (“SRC”) for implementing a rate conversion L/M is described wherein data is input to the SRC at an input rate (“Fin”) and output from the SRC at an output rate (“Fout”) equal to Fin*L/M. The SRC includes a low pass filter (“LPF”) including P multiply-add instances, wherein P is a parallelization factor of the SRC; an input formatter for arranging samples received at the SRC in accordance with the rate conversion L/M and providing P*Tpp input samples to the filter at a given time, wherein Tpp is a number of taps per phase of the LPF; and a coefficient bank for storing a plurality of coefficients and for providing P*Tpp of the coefficients to the LPF at a given time.