A system, method and computer program product for seismic imaging implements a seismic modeling algorithm utilizing Forward Wave Inversion technique for revising Reverse Time Migration models used for sub-surface modeling. The technique requires large communication bandwidth and low latency to convert a parallel problem into one solved using massive domain partitioning. The partitioning of a velocity model into processing blocks allows each sub-problem to fit in a local cache, increasing locality and bandwidth and reducing latency. The RTM seismic data processing utilizes data that includes combined shot data, i.e., shot data selected from amongst a plurality of shots that are combined at like spatial points of the volume. An iterative approach is applied such that the correction term RTM generates at each iteration in the iterative approach is used for refining the model, and the updated model is used for generating a further refined RTM model.