GEZGIN-2 is a real-time image processing subsystem, currently being developed for RASAT, the second small satellite to be launched by TUBITAK-BILTEN, in 2007. It is an advanced version of the GEZGIN payload, implementing JPEG 2000 image compression algorithm and currently flying on the BILSAT-1 satellite. The main enhancements in GEZGIN-2 are the integration of the full processing path of JPEG 2000 algorithm in a single Field Programmable Gate Array (FPGA) for increased processing performance and high speed data links complying with the ESA Spacewire standard, for data transfer at a rate of 100 Mbps. In addition to JPEG2000, GEZGIN-2 facilitates image pre-processing for cloud/sea detection and image/data encryption implemented on a daughter-board called GOLGE. As in GEZGIN, GEZGIN-2 allows for adjustment of compression ratio for different mission times by means of run-time supplied parameters and full reconfigurability in orbit.