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We investigate the performance of filterbank transceivers in the presence of a dispersive time-variant channel. It is well-known that filterbank transceivers can be adapted to the channel transfer function to yield intersymbol interference (ISI) cancellation. When the channel is time-variant, several problems arise, since the transceiver should be changed whenever the channel evolves. We allow both the transmitter and the receiver to change and satisfy the ISI-free condition, under the assumption of a zero padded block transmission. In this case, the transmitter-receiver pair can be computed by using a singular value decomposition (SVD) of the channel matrix. A fast receiver adaptation based on SVD tracking is presented. Simulation results show that minimum performance loss can be achieved for our reduced complexity receiver.