Texture based distortion in post?

Hello, All. Is there a way to distort image in post-processing based on another image? VSE or compositor - doesn’t matter. I mean some controllable per-pixel displacement or maybe warp. Here is a little video - that’s what I mean - image is standard color grid, and distortion is an animated wave texture.
It’s rendered in 3d, but I need to do it in post. Any ideas?

Hi, it’s totally doable with the displace node from the compositor! Use an image like a normal map to shift the original image


Grazie mille! The funniest thing is that I’ve tried it. But it seems I fed it with wrong vector values. Thank you!