In this paper, the design of optimal receive filter banks for transmultiplexer-based data transmission over frequency selective channels is investigated. A new design strategy based on the principle of memory truncation, rather than equalization, is presented. Through the receive filters, each subchannel is truncated to a certain length, and the actual data detection is then carried out via low-complexity, independently operating Viterbi detectors. Design examples are presented for high-speed transmission over copper wires. The examples show that memory truncation allows significant performance improvements over MMSE equalization.