A peripheral interface circuit for an I/O node of a computer system. A peripheral interface circuit for an input/output node of a computer system includes a first buffer circuit, a second buffer circuit and a bus interface circuit. The first buffer circuit receives packet commands and may include a first plurality of buffers each corresponding to a respective virtual channel of a plurality of virtual channels. The second buffer circuit is coupled to receive packet commands from the bus interface circuit and may include a second plurality of buffers each corresponding to a respective virtual channel of the plurality of virtual channels. The bus interface circuit may be configured to translate selected packet commands stored in the first buffer circuit into commands suitable for transmission on a peripheral bus.