A control mechanism for data bus communications employs channels to which bus transactions are assigned, each channel having independent flow control. The control mechanism enforces an ordering algorithm among channels, whereby at least some transactions may pass other transactions. Channel attributes are programmable to vary the ordering conditions. Preferably, each channel is allocated its own programmable buffer area. The control mechanism independently determines, for each channel, whether buffer space is available and enforces flow control independently for each channel accordingly. Flow control is preferably credit-based, credits representing buffer space or some other capacity of a receiver to receive data. Preferably, the flow control mechanism comprises a central interconnect module controlling internal communications of an integrated circuit chip.