A memory buffer, memory system and method for power-on initialization and test for a cascade interconnect memory system. The memory buffer includes a bus interface to links in a high-speed channel for communicating with a memory controller via a direct connection or via a cascade interconnection through an other memory buffer. The interface is operable in a SBC mode and a high-speed mode. The memory buffer also includes a field service interface (FSI) slave for receiving FSI signals from a FSI master. In addition, the memory buffer includes logic for executing a power-on and initialization training sequence initiated by the memory controller.