An approach for designing multiwavelets is introduced, for use in cardiac signal processing. The parameterization of the class of multiwavelets is in terms of associated FIR polyphase all-pass filters. Orthogonality and a balanced vanishing moment of order 1 are built into the parameterization. An optimization criterion is developed to associate the wavelets with different meaningful segments of a signal. This approach is demonstrated on the simultaneous detection of QRS-complexes and T-peaks in ECG signals.