Satellite onboard processing for hyperspectral imaging applications is characterized by large data sets, limited processing resources and limited bandwidth of communication links. The CCSDS-123 algorithm is a specialized compression standard assembled for space-related applications. In this paper, a parallel FPGA implementation of CCSDS-123 compression algorithm is presented. The proposed design can compress any number of samples in parallel allowed by resource and I/O bandwidth constraints. The CCSDS-123 processing core has been placed on Zynq-7035 SoC and verified against the existing reference software. The estimated power use scales approximately linearly with the number of samples processed in parallel. Finally, the proposed implementation outperforms the state-of-the-art implementations in terms of both throughput and power.