<HTML>
<HEAD>
<TITLE>Filed by Bowne Pure Compliance</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="margin-left: 0.25in; width: 7.5in; font-family: 'Times New Roman',Times,serif">
<DIV style="font-size: 10pt">
<DIV style="font-size: 1pt; width: 100%; border-bottom: black 2pt solid">&nbsp;</DIV>
<DIV style="font-size: 1pt; width: 100%; border-bottom: black 1pt solid">&nbsp;</DIV>

<P style="font-size: 14pt" align="center"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
<FONT
style="font-size: 12pt">Washington, D.C. 20549 </FONT></B>

<P style="font-size: 18pt" align="center"><B>FORM 8-K</B>

<P style="font-size: 12pt" align="center"><B>CURRENT REPORT<BR>
Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934</B>

<P style="font-size: 10pt" align="center"><B>Date of Report (Date of earliest event reported): December 9, 2008</B>


<P style="font-size: 24pt" align="center"><B>S1 Corporation<BR>
</B><FONT style="font-size: 10pt">(Exact name of
registrant as specified in its charter) </FONT>
<TABLE style="font-size: 10pt; text-align: center" cellspacing="0" cellpadding="0" width="100%" border="0">

 <TR>
  <TD width="32%">&nbsp;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD width="33%">&nbsp;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD width="32%">&nbsp;</TD>
 </TR>
 <TR valign="bottom">
  <TD style="border-bottom: #000000 1px solid"><B>Delaware</B></TD>
  <TD>&nbsp;</TD>
  <TD style="border-bottom: #000000 1px solid"><B>000-24931</B></TD>
  <TD>&nbsp;</TD>
  <TD style="border-bottom: #000000 1px solid"><B>58-2395199</B></TD>
 </TR>
 <TR valign="top">
  <TD>(State or other Jurisdiction of Incorporation)</TD>
  <TD>&nbsp;</TD>
  <TD>(Commission File Number)</TD>
  <TD>&nbsp;</TD>
  <TD>(IRS Employer Identification No.)</TD>
 </TR>

</TABLE>
<TABLE style="font-size: 10pt; text-align: center" cellspacing="0" cellpadding="0" width="100%" border="0">

 <TR>
  <TD width="49%">&nbsp;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD width="49%">&nbsp;</TD>
 </TR>
 <TR valign="bottom">
  <TD style="border-bottom: #000000 1px solid"><B>705 Westech Drive, Norcross, Georgia<BR>
</B></TD>
  <TD>&nbsp;</TD>
  <TD style="border-bottom: #000000 1px solid"><B>30092</B></TD>
 </TR>
 <TR valign="top">
  <TD>(Address of Principal Executive Offices)</TD>
  <TD>&nbsp;</TD>
  <TD>(Zip Code)</TD>
 </TR>

</TABLE>


<P style="font-size: 10pt" align="center">Registrant&#8217;s telephone number, including area code: <B>(404)
923-3500</B>
<TABLE style="font-size: 10pt; text-align: center" cellspacing="0" cellpadding="0" width="30%" border="0">

 <TR>
  <TD width="100%">&nbsp;</TD>
 </TR>
 <TR>
  <TD style="border-bottom: #000000 1px solid" nowrap><B>Not Applicable<BR>
</B></TD>
 </TR>
 <TR>
  <TD nowrap>(Former name or former address if changed since last report.)</TD>
 </TR>

</TABLE>


<P style="font-size: 10pt" align="left">Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

<P style="font-size: 10pt" align="left"><FONT face="Wingdings">o</FONT> Written communications pursuant to Rule 425
under the Securities Act (17 CFR 230.425)<BR>
<BR>
<FONT face="Wingdings">o</FONT> Soliciting material pursuant to Rule
14a-12 under the Exchange Act (17 CFR 240.14a-12)<BR>
<BR>
<FONT face="Wingdings">o</FONT> Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))<BR>
<BR>
<FONT
face="Wingdings">o</FONT> Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))<BR>


<DIV style="margin-top: 10pt; font-size: 1pt; width: 100%; border-bottom: black 1pt solid">&nbsp;</DIV>
<DIV style="font-size: 1pt; width: 100%; border-bottom: black 2pt solid">&nbsp;</DIV>
</DIV>

<P style="font-size: 10pt" align="center">

<P style="display: none; font-size: 10pt" align="center">1
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="margin-left: 0.25in; width: 7.5in; font-family: 'Times New Roman',Times,serif">

<P style="font-size: 10pt" align="justify"><B>ITEM 8.01. OTHER EVENTS.</B>

<P style="font-size: 10pt; text-indent: 4%" align="justify">S1 Corporation (&#8220;S1&#8221;) permits its directors and
officers to enter into stock trading plans with respect to shares of S1 common stock which are intended to qualify for
the safe harbor under Rule&nbsp;10b5-1 under the Securities Exchange Act of 1934, as amended, provided that such plans
comply with S1&#8217;s insider trading policy. S1 has been advised by Meigan Putnam (SVP, Enterprise Insurance) that,
in order to achieve diversification and liquidity in her financial portfolio, she has entered into a stock trading plan
for selling shares of S1&#8217;s common stock designed to comply with Rule&nbsp;10b5-1 and S1&#8217;s insider trading
policy. According to Ms.&nbsp;Putnam, her stock trading plan provides for the sale, under certain circumstances, of up
to 161,840 shares of S1 common stock. In addition, Ms.&nbsp;Putnam has provided S1 with written instructions regarding
the exercise, under certain circumstances, of 319,434 stock appreciation rights.

<P style="font-size: 10pt; text-indent: 4%" align="justify">Except as may be required by law, S1 does not undertake to
report future stock trading plans or instructions regarding the exercise of stock appreciation rights established by
other S1 officers or directors, nor to report modifications, terminations, transactions or other activities under the
stock trading plans or instructions regarding the exercise of stock appreciation rights of Ms.&nbsp;Putnam or of any
other officer or director. Transactions pursuant to Ms.&nbsp;Putnam&#8217;s trading plan and written instructions will
be disclosed publicly through appropriate filings with the Securities and Exchange Commission.

<P style="font-size: 10pt; text-indent: 4%" align="center">

<P style="display: none; font-size: 10pt" align="center">2
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="margin-left: 0.25in; width: 7.5in; font-family: 'Times New Roman',Times,serif">

<P style="font-size: 10pt" align="center"><B>SIGNATURES</B>

<P style="font-size: 10pt; text-indent: 4%" align="justify">Pursuant to the requirements of the Securities Exchange Act
of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly
authorized.

<P style="font-size: 10pt; margin-left: 45%" align="justify">S1 CORPORATION <BR>
(Registrant)

<P style="font-size: 10pt; margin-left: 45%" align="justify"><U>/s/ Gregory D.
Orenstein&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
<BR>
Chief Legal Officer and Corporate Secretary

<P style="font-size: 10pt" align="justify">Date: December&nbsp;12, 2008

<P style="font-size: 10pt" align="center">

<P style="display: none; font-size: 10pt" align="center">3
</DIV>
</BODY>
</HTML>
[{"type": "8-K", "sequence": "1", "filename": "c78269e8vk.htm", "description": "8-K", "secsgml_size_bytes": 7228}]
{"company-data": {"conformed-name": "S1 CORP /DE/", "cik": "0001063254", "assigned-sic": "7370", "irs-number": "582395199", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-24931", "film-number": "081246986"}, "business-address": {"street1": "705 WESTECH DRIVE", "city": "NORCROSS", "state": "GA", "zip": "30092", "phone": "4049233500"}, "mail-address": {"street1": "705 WESTECH DRIVE", "city": "NORCROSS", "state": "GA", "zip": "30092"}, "former-company": {"former-conformed-name": "SECURITY FIRST TECHNOLOGIES CORP", "date-changed": "19980603"}}
Filed by Bowne Pure Compliance
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
Date of Report (Date of earliest event reported): December 9, 2008
S1 Corporation
(Exact name of
registrant as specified in its charter)
Delaware
000-24931
58-2395199
(State or other Jurisdiction of Incorporation)
(Commission File Number)
(IRS Employer Identification No.)
705 Westech Drive, Norcross, Georgia
30092
(Address of Principal Executive Offices)
(Zip Code)
Registrant's telephone number, including area code:
(404)
923-3500
Not Applicable
(Former name or former address if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o
Written communications pursuant to Rule 425
under the Securities Act (17 CFR 230.425)
o
Soliciting material pursuant to Rule
14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
ITEM 8.01. OTHER EVENTS.
S1 Corporation ("S1") permits its directors and
officers to enter into stock trading plans with respect to shares of S1 common stock which are intended to qualify for
the safe harbor under Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, provided that such plans
comply with S1's insider trading policy. S1 has been advised by Meigan Putnam (SVP, Enterprise Insurance) that,
in order to achieve diversification and liquidity in her financial portfolio, she has entered into a stock trading plan
for selling shares of S1's common stock designed to comply with Rule 10b5-1 and S1's insider trading
policy. According to Ms. Putnam, her stock trading plan provides for the sale, under certain circumstances, of up
to 161,840 shares of S1 common stock. In addition, Ms. Putnam has provided S1 with written instructions regarding
the exercise, under certain circumstances, of 319,434 stock appreciation rights.
Except as may be required by law, S1 does not undertake to
report future stock trading plans or instructions regarding the exercise of stock appreciation rights established by
other S1 officers or directors, nor to report modifications, terminations, transactions or other activities under the
stock trading plans or instructions regarding the exercise of stock appreciation rights of Ms. Putnam or of any
other officer or director. Transactions pursuant to Ms. Putnam's trading plan and written instructions will
be disclosed publicly through appropriate filings with the Securities and Exchange Commission.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act
of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly
authorized.
S1 CORPORATION
(Registrant)
/s/ Gregory D.
Orenstein
Chief Legal Officer and Corporate Secretary
Date: December 12, 2008