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

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

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

<P align="center" style="font-size: 10pt"><B>Date of Report (Date of earliest event reported): January 26, 2009</B>

<P align="center">

<P align="center" style="font-size: 24pt"><B>S1 CORPORATION<BR></B>
<FONT style="font-size: 10pt">(Exact name of registrant as specified in its charter)
</FONT>

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    <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>
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    <TD style="border-bottom: 1px solid #000000"><B>Delaware</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000"><B>000-24931</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000"><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>

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    <TD width="49%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="49%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD style="border-bottom: 1px solid #000000"><B>705 Westech Drive, Norcross, Georgia<BR></B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000"><B>30092</B></TD>
</TR>
<TR valign="top">
    <TD>(Address of Principal Executive Offices)</TD>
    <TD>&nbsp;</TD>
    <TD>(Zip Code)</TD>
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<P align="center" style="font-size: 10pt">Registrant&#146;s telephone number, including area code: <B>(404) 923-3500</B>


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    <TD nowrap style="border-bottom: 1px solid #000000"><B>Not Applicable<BR></B></TD>
</TR>
<TR>
    <TD nowrap>(Former name or former address if changed since last report.)</TD>
</TR>
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<P align="left" style="font-size: 10pt">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 align="left" style="font-size: 10pt">
<FONT face="Wingdings">&#111;</FONT> Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)<BR><BR>
<FONT face="Wingdings">&#111;</FONT> Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)<BR><BR>
<FONT face="Wingdings">&#111;</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">&#111;</FONT> Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))<BR>


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<P align="center" style="font-size: 10pt; display: none">1
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    <TD width="3%" nowrap align="left"><B>Item&nbsp;5.02.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain
Officers; Compensatory Arrangements of Certain Officers.</B></DIV></TD>
</TR>

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<P align="justify" style="font-size: 10pt; text-indent: 4%">On January&nbsp;26, 2009, the Compensation Committee of the Board of Directors of S1 Corporation (the &#147;Company&#148;)
approved the 2009 Management Incentive Plan (the &#147;2009 Plan&#148;) pursuant to which named executive officers and other key
contributors of the Company are eligible for cash bonuses based on the achievement of financial and performance
metrics. EBITDA (earnings before interest, taxes, depreciation and amortization excluding stock based compensation
expense) is the key metric used to determine the bonus pool and the actual bonus available to be paid. Performance
metrics may also be established for individual participants and the achievement of such performance metrics will also
be a factor in determining the amount of bonus to be paid.


<P align="justify" style="font-size: 10pt">The foregoing is qualified in its entirety by reference to the 2009 Plan, a copy of which is filed as Exhibit&nbsp;10.1 to
this report and is hereby incorporated by reference herein.


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    <TD width="3%" nowrap align="left"><B>Item&nbsp;9.01. </B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Financial Statements and Exhibits.</B></DIV></TD>
</TR>

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<P align="justify" style="font-size: 10pt">(a)&nbsp;Not applicable.


<P align="justify" style="font-size: 10pt">(b)&nbsp;Not applicable.


<P align="justify" style="font-size: 10pt">(c)&nbsp;Not applicable.


<P align="justify" style="font-size: 10pt">(d)&nbsp;Exhibits.

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    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Exhibit No.</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Description</B></TD>
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<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2009 Management Incentive Plan</TD>
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<P align="center" style="font-size: 10pt">&nbsp;

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



<P align="justify" style="font-size: 10pt; text-indent: 4%">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 align="justify" style="font-size: 10pt; margin-left: 45%; font-size: 10pt"><U>S1 CORPORATION</U>
<BR>
(Registrant)


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


<P align="justify" style="font-size: 10pt">Date: January&nbsp;29, 2009

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

<P align="center" style="font-size: 10pt; display: none">3
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<P align="center" style="font-size: 10pt"><B>EXHIBIT INDEX</B>


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<TR valign="bottom">
    <TD width="13%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="82%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Exhibit No.</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Description</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2009 Management Incentive Plan</TD>
</TR>
<!-- End Table Body -->
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</DIV>


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

<P align="center" style="font-size: 10pt; display: none">4




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{"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": "09555061"}, "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): January 26, 2009
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 5.02.
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain
Officers; Compensatory Arrangements of Certain Officers.
On January 26, 2009, the Compensation Committee of the Board of Directors of S1 Corporation (the "Company")
approved the 2009 Management Incentive Plan (the "2009 Plan") pursuant to which named executive officers and other key
contributors of the Company are eligible for cash bonuses based on the achievement of financial and performance
metrics. EBITDA (earnings before interest, taxes, depreciation and amortization excluding stock based compensation
expense) is the key metric used to determine the bonus pool and the actual bonus available to be paid. Performance
metrics may also be established for individual participants and the achievement of such performance metrics will also
be a factor in determining the amount of bonus to be paid.
The foregoing is qualified in its entirety by reference to the 2009 Plan, a copy of which is filed as Exhibit 10.1 to
this report and is hereby incorporated by reference herein.
Item 9.01.
Financial Statements and Exhibits.
(a) Not applicable.
(b) Not applicable.
(c) Not applicable.
(d) Exhibits.
Exhibit No.
Description
10.1
2009 Management Incentive Plan
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)
By:
/
s/ Gregory D. Orenstein
Gregory D. Orenstein
SVP, Chief Legal Officer and Secretary
Date: January 29, 2009
EXHIBIT INDEX
Exhibit No.
Description
10.1
2009 Management Incentive Plan