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Toronto, Canada - November 12, 2004 -

Algorithmics Incorporated, a world leader in enterprise risk management solutions, and FRS, a leading global provider of regulatory and financial reporting solutions and a business unit of S1 Corporation (Nasdaq: SONE), today announced they have entered into an agreement to deliver regulatory reporting within the Algo Capital solution. Based on Algorithmics' leading risk management infrastructure, Ago Capital is a risk management solution that enables banks to effectively measure and manage economic and regulatory capital and meet Basel II requirements. The integration of FRS Basel II reports within Algo Capital meets client requirements for the effective management and reporting of economic and regulatory capital.

"Comprehensive and flexible regulatory reporting is an important function within an effective capital management solution," remarked Michael Zerbs, Chief Executive Officer at Algorithmics. "FRS has solid international experience and best-of-breed regulatory reporting that is an excellent fit within Algorithmics' comprehensive Basel II solution."

"Institutions are being compelled through regulation to establish solid regulatory capital management and economic reporting capital measurement and management systems," said Debbie Williams, Group Vice President, Capital Markets and Risk Management practices at Financial Insights, an IDC company. "Effective reporting ensures the benefits of the reporting engine are realized and regulators are provided accurate, timely information."

"The combination of Algorithmics leading risk management solutions with FRS regulatory and Basel II reporting products delivers an end-to-end solution that leading global FIs have been seeking." stated Alain Tayenne, FRS general manager. "FRS is pleased to be working with Algorithmics to offer these banks a solution that provides consistent regulatory reporting functionality across their global operations."

About Algo Capital
Algo Capital addresses the tactical needs of institutions in order to meet immediate Basel II deadlines, while at the same time offering a full strategic solution - and all using the same proven and consistent architecture. The solution provides the key functionality required by financial institutions to manage economic and regulatory capital and meet Basel II requirements across all three pillars, risk types, business lines, asset classes and approaches. Algo Capital introduces a phased approach that decouples the project phases and can respond to new requirements as they evolve thereby reducing the cost and risk associated with a large-scale implementation. The complete Algo Capital solution will be available early 2005 with the release of Algo Suite 4.5.

About FRS
FRS provides financial institutions world-wide with a suite of optimized regulatory reporting, financial intelligence and analytic solutions sharing a consistent global data foundation to allow stakeholders across the extended enterprise to increase management control, reduce costs and gain timely business insight. FRS, a business unit of S1 Corporation, brings years of industry expertise providing regulatory, risk and corporate performance management applications to more than 600 financial institutions in over 25 countries, including 37 of the top 50 European based financial institutions and 55 of the top 100 global financial institutions. Additional information about FRS is available at www.frsglobal.com.

About S1 Corporation
S1 Corporation (Nasdaq: SONE) is a leading global provider of enterprise software solutions for more than 4,000 banks, credit unions and insurance providers around the world. S1 solutions help integrate and optimize an institution's entire front office, resulting in increased operational efficiencies, revenue opportunities and overall customer satisfaction. S1 is the only provider with the proven experience, breadth of products and financial strength to empower financial services companies' enterprise strategies. Additional information about S1 is available at www.s1.com.

Forward-Looking Statements
This press release contains forward-looking statements within the safe harbor provisions of the Private Securities Litigation Reform Act. These statements include statements with respect to our financial condition, results of operations and business. The words "believes," "expects," "may," "will," "should," "projects," "contemplates," "anticipates," "forecasts," "intends" or similar terminology identify forward-looking statements. These statements are based on our beliefs as well as assumptions made using information currently available to us. Because these statements reflect our current views concerning future events, they involve risks, uncertainties and assumptions. Therefore, actual results may differ significantly from the results discussed in the forward-looking statements. The risk factors included in our reports filed with the Securities and Exchange Commission (and available on our web site at www.s1.com or the SEC's web site at www.sec.gov) provide examples of risks, uncertainties and events that may cause our actual results to differ materially from the expectations we describe in our forward-looking statements. Except as provided by law, we undertake no obligation to update any forward-looking statement.

About Algorithmics
Algorithmics Incorporated is the leading provider of enterprise risk management solutions that enable financial institutions to effectively understand and manage their financial risk. Algorithmics' clients include more than 150 of the world's leading financial institutions. Its Algo Suite of enterprise risk management solutions are in use in 31 countries by over 50 of the 100 largest financial institutions in the world.

©2004 Algorithmics Incorporated. All rights reserved. ALGORITHMICS, ALGO SUITE, MARK-TO-FUTURE, MtF and the Ai logo are trademarks of Algorithmics Incorporated and/or its affiliates.

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