Federal Home Loan Bank of New York Extends Relationship With S1 Corporation

Business Wire, Feb 5, 2002

Business Editors

ATLANTA--(BUSINESS WIRE)--Feb. 5, 2002

S1 Corporate Banking to Power Transactional Customer Access System

S1 Corporation (Nasdaq: SONE), a leading global provider of Enterprise eFinance solutions, today announced that the Federal Home Loan Bank of New York has selected the S1 Corporate Banking solution to power its Internet-based system for transaction, reporting and added value services.

An $80 billion wholesale bank serving more than 300 community lenders, Federal Home Loan Bank of New York has been a customer of S1 since 1996, using S1 Voice solutions to improve the quality of customer service. The institution will now implement S1 Corporate Banking to provide electronic account inquiries, information reporting, wire payment and account transfer capabilities online. The new web-based solution will consolidate Federal Home Loan Bank of New York's reporting and transaction management onto a single platform, providing comprehensive customer servicing and data management. The consolidated web delivery platform will allow the bank to extend high quality information and services capabilities to its clients.

This engagement builds on S1's successful implementation of corporate electronic banking systems for more than 600 financial institutions globally, including leading banks like Federal Home Loan Bank of Boston, FleetBoston Financial and the Canadian Imperial Bank of Commerce. By working with S1 to improve its offerings, Federal Home Loan Bank of New York will greatly enhance its ability to support its members and deliver a broad range of online services.

"S1's broad experience in delivering eFinance solutions, particularly within the Federal Home Loan Bank System, will be a great asset to us as we develop our Internet transactional and reporting services for member community banks," Robert Hans, senior vice president of Operations of the New York Home Loan Bank.

"As an important credit source, we must continually provide excellent and efficient service with every customer interaction to help our 300 customers meet consumers' home mortgage and neighborhood lending needs," said James Gilmore, senior vice president of Sales & Marketing.

S1 Corporate Banking offers Federal Home Loan Bank of New York a proven, reliable platform for delivering traditional cash management services in a multi-channel environment. In addition, S1 Corporate Banking brings Federal Home Loan Bank of New York the flexibility to develop and offer other bank services like securities safekeeping and loan advances within a seamlessly integrated user experience.

"S1's Corporate Banking will propel Federal Home Loan Bank of New York's service offering by providing a powerful transactional and reporting system," said Fred Dumas, executive vice president of S1 Business Banking Group. "This engagement affirms S1's extensive experience in delivering eFinance solutions that meet the needs of financial service providers across all lines of business."

About the Federal Home Loan Bank of New York

The Federal Home Loan Bank of New York is part of the Federal Home Loan Bank System, a national wholesale banking network of 12 regional cooperative banks. The mission of the Home Loan Bank is to advance housing opportunity and local community development by maximizing the capacity of community-based member-lenders to serve their markets. The Federal Home Loan Bank of NY is an $80 billion, AAA-rated, wholesale Bank which serves 300 community lenders in New York, New Jersey, Puerto Rico and the U.S. Virgin Islands. Additional information about the Bank is available at www.fhlbny.com.

About S1 Corporation

S1 (Nasdaq: SONE) is a leading global provider to more than 2,600 banks, credit unions, insurance providers, and investment firms of enterprise software solutions that turn customer interactions into profits. S1's Enterprise eFinance solutions deliver a transactionable, customer-centric view across all delivery channels, resulting in a more compelling experience for the customers and a more profitable relationship for the financial institution. S1 is the only eFinance provider with the proven experience, breadth of products, and financial strength to empower financial services companies' Enterprise eFinance strategy. Additional information about S1 is available at www.s1.com.

Forward-Looking Statements

This press release contains forward-looking statements relating to results of operations; product features and benefits; market penetration and market strategies. Such statements are made based on management's beliefs as well as assumptions made by, and information currently available to, management, pursuant to "safe-harbor" provisions of the Private Securities Litigation Reform Act of 1995. While these statements reflect our best judgment, they are subject to risks and uncertainties that could cause a change in focus and direction. A discussion of certain risk factors that may cause actual results to differ from these forward-looking statements can be found in S1's Annual Report on Form 10-K for the period ended December 31, 2000, on file with the SEC.