A non-iterative receiver is proposed to achieve near capacity performance on intersymbol interference (ISI) channels. There are two main ingredients in the proposed design. i) The use of a novel BCJR-DFE equalizer which produces optimal soft estimates of the inputs to the ISI channel given all the observations from the channel and L past symbols exactly, where L is the memory of the ISI channel. ii) The use of an encoder structure that ensures that L past symbols can be used in the DFE in an error free manner through the use of a capacity achieving code for a memoryless channel. Computational complexity of the proposed receiver structure is less than that of one iteration of the turbo receiver. We also provide the proof showing that the proposed receiver achieves the i.i.d. capacity of any constrained input ISI channel. This DFE-based receiver has several advantages over an iterative (turbo) receiver, such as low complexity, the fact that codes that are optimized for memoryless channels can be used with channels with memory, and finally that the channel does not need to be known at the transmitter. The proposed coding scheme is universal in the sense that a single code of rate r; optimized for a memoryless channel, provides small error probability uniformly across all AWGN-ISI channels of i.i.d. capacity less than r: This general principle of a proposed non-iterative receiver also applies to other signal processing functions, such as timing recovery, pattern-dependent noise whiten ing, joint demodulation and decoding etc. This makes the proposed encoder and receiver structure a viable alternative to iterative signal processing. The results show significant complexity reduction and performance gain for the case of timing recovery and patter-dependent noise whitening for magnetic recording channels.