  With the upgrade of current gravitational wave detectors, the first detection
of gravitational wave signals is expected to occur in the next decade.
Low-latency gravitational wave triggers will be necessary to make fast
follow-up electromagnetic observations of events related to their source, e.g.,
prompt optical emission associated with short gamma-ray bursts. In this paper
we present a new time-domain low-latency algorithm for identifying the presence
of gravitational waves produced by compact binary coalescence events in noisy
detector data. Our method calculates the signal to noise ratio from the
summation of a bank of parallel infinite impulse response (IIR) filters. We
show that our summed parallel infinite impulse response (SPIIR) method can
retrieve the signal to noise ratio to greater than 99% of that produced from
the optimal matched filter. We emphasise the benefits of the SPIIR method for
advanced detectors, which will require larger template banks.
