A circuit arrangement, method, and program product for compressing and decompressing data in a node of a system including a plurality of nodes interconnected via an on-chip network. Compressed data may be received and stored at an input buffer of a node, and in parallel with moving the compressed data to an execution register of the node, decompression logic of the node may decompress the data to generate uncompressed data, such that uncompressed data is stored in the execution register for utilization by an execution unit of the node. Uncompressed data may be output by the execution unit into the execution register, and in parallel with moving the uncompressed data to an output buffer of the node connected to the on-chip network, compression logic may compress the uncompressed data to generate compressed data, such that compressed data is stored at the output buffer.