The present invention provides a system and method for a shared write address protocol (SWAP) that is implemented over a remote direct memory address (RDMA) connection. Each party to a connection establishes a flow control block that is accessible to its partner via a RDMA READ operation. The novel protocol operates so that each module needs to have one outstanding RDMA READ operation at a time, i.e., to obtain the current flow control information from its partner. In operation, if data to be transmitted is less than or equal to a buffer size, an INLINE message data structure of the SWAP protocol is utilized to send the data to be target. However, if the data is greater than the buffer size, a second determination is made as to whether sufficient space exists in the message pool for the data. If insufficient space exists, the sender will wait until sufficient space exists before utilizing a novel WRITE operation of the SWAP protocol to transmit the data.