This paper presents the PI-OBS algorithm, a parallel-iterative scheduler for OBS nodes. Conventional schemes are greedy in the sense that they process headers one by one. In PI-OBS, all the headers received during a given time window are jointly processed to optimize the delay and output wavelength allocation, applying void filling techniques, and allowing traffic differentiation. Results show a similar or better performance than the LAUC-VF algorithm, commonly used as a performance bound for OBS schedulers. The PI-OBS scheduler has been designed to allow parallel electronic implementation similar to the ones in VOQ schedulers, with a deterministic response time. ; This research has been partially supported by the MEC projects TEC2007-67966-01/TCM CON-PARTE-1, and TEC2008-02552-E, and it is also developed in the framework of "Programa de Ayudas a Grupos de Excelencia de la R. de Murcia, F. Séneca".