JPEG2000 Part 2 supports the use of multi-component transforms (MCT) to decorrelate multi-component images along the component direction. Such point transforms can be performed on arbitrary subsets of components, known as 'component collections.' These Part 2 extensions have been used for compressing 3-D images in applications such as medical imaging and remote sensing. It is widely believed that the MCT extensions are applicable only to 3-D data. In this work, we demonstrate their use for compressing N-D datasets for any N >= 3.