A method of multichannel processing to compute correlation products simultaneously is introduced. The signals that process are encoded on a single light beam through the use of an electro-optic modulators that induce optical delays greater than the coherence length of light. The coherence-modulated light beam thus obtained is then spatially and temporally modulated through an acousto-optic Bragg cell. The potential number of channels is estimated to be approximately 5-10. The method can be combined with other existing systems, such as time-, space-, or frequency-multiplexed correlators, to increase the channel number. The method also applies to high-resolution spectral analysis.