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                                                                     EXHIBIT 3
                                        
                           CERTIFICATE OF DESIGNATION
                                        
                                       OF
                                        
                    SECURITY FIRST TECHNOLOGIES CORPORATION

     The undersigned DOES HEREBY CERTIFY that the following resolution was duly
adopted on February 24, 1999, by the duly appointed Special Committee of the
Board of Directors (the "Special Committee" of the "Board") of SECURITY FIRST
TECHNOLOGIES CORPORATION, a Delaware corporation (the "Corporation") acting
pursuant to the authority conferred upon the Special Committee by the Board in
resolutions duly adopted by the Board on February 17, 1999 and in accordance
with the provisions of Sections 141(c) and 151(g) of the General Corporation Law
of the State of Delaware (the "DGCL"):

     RESOLVED, that pursuant to authority expressly granted to, and vested in,
the Board by the provisions of the amended and restated certificate of
incorporation of the Corporation (the "Certificate of Incorporation"), and
pursuant to authority expressly granted to, and vested in, the Special Committee
in resolutions duly adopted by the Board in accordance with Section 151(a) of
the DGCL, there is hereby created a Series C Preferred Stock, as set forth below
in this Certificate of Designation.

     SERIES C REDEEMABLE CONVERTIBLE PREFERRED STOCK

     The Corporation is hereby authorized to issue 215,000 shares of preferred
stock, authorized pursuant to Section 4.3 of the Corporation's Certificate of
Incorporation, as a series of preferred stock, which series shall be designated
"Series C Redeemable Convertible Preferred Stock" (hereinafter referred to as
the "Series C Preferred Stock") and shall have the following rights and
preferences:

     1.   Dividends

     The holders of record of shares (the "Holders") of the Series C Preferred
Stock shall not have any preference with respect to dividends over the holders
of the Common Stock, and shall be entitled to the payment of any and all
dividends or other distributions, only when in accordance with applicable law
and to the extent declared by the Board of Directors of the Corporation.

     2.   Voting

     Except as otherwise provided by law and except as hereinafter provided, the
Holders of the Series C Preferred Stock shall have no voting rights and shall
not be entitled to notice of meetings of shareholders.

     3.   Conversion

     The Holders of the Series C Preferred Stock shall have the right to convert
such shares into shares of Common Stock of the Corporation, on a one-for-one
basis (subject to adjustment as provided in Section 3(d) below), contingent upon
satisfaction of the terms and conditions specified in this Section 3. Unless
accelerated pursuant to the provisions of Section 3(a)(ii) below, the right to
convert shares of Series C Preferred Stock into shares of Common Stock will
vest, if at all, in five installments (each, an "Installment"), on each of five
specified dates (each, a "Calculation Date"),

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which dates shall be (i) February 25, 2000 (the "Initial Calculation Date"),
(ii) the first business day in Atlanta, Georgia following the one year
anniversary of the "Completion Date" (as such term is defined in Section 2.1.F
of the RBC/SONE Agreement, dated February 25, 1999) (the "Second Calculation
Date"), and (iii) each of the respective first business days in Atlanta, Georgia
following the three successive anniversary dates of the Second Calculation Date.
Upon vesting, the first Installment will give the Holders the right to convert
21,500 shares of Series C Preferred Stock into an equal number of shares of
Common Stock and each of the successive four Installments will give the Holders
the right to convert 48,375 shares of Series C Preferred Stock into an equal
number of shares of Common Stock. The terms and conditions for vesting of an
Installment and the conversion of a vested Installment shall be as follows:

          (a)  Conditions of Conversion. (i)  The right to convert the 
shares of Series C Preferred Stock into shares of the Corporation's Common Stock
will vest as to one Installment on each Calculation Date (each, a "Vesting
Date") if and only if the Corporation has received in the twelve calendar months
prior to such Calculation Date as to such Installment aggregate gross payments
of "Fees" (as such term is defined in Sectrion 2.1.C of the RBC/SONE Agreement,
dated February 25, 1999) from the Holders of at least $5,000,000 (US) with
respect to the Initial Calculation Date, and $11,250,000 (US) with respect to
each Calculation Date thereafter (the "Threshold Amount"). The right to convert
underlying vested Installments shall be exercisable as and when provided by
Section 3(b).

               (ii)  If the Corporation receives aggregate gross payments of 
Fees in excess of the Threshold Amount for a particular Calculation Date, the
amount of the payments exceeding the Threshold Amount may be applied against the
Threshold Amount for the next Installment, provided, that if such payments
exceeding the Threshold Amount equal or exceed any integral multiple of
$11,250,000 in any such twelve-month period, the Holders may, in their sole
discretion, elect to have the number of additional Installments equal to such
integral multiple vest as of such Vesting Date in addition to the current
Installment. Upon the election by the Holders of any such accelerated vesting of
Installments, the number of Installments for which the conversion option may
still vest shall be decreased by such integral multiple, and the Final
Conversion Date (as defined below) shall be accelerated accordingly.

               (iii)  If the Corporation does not receive aggregate gross
payments of Fees of at least the Threshold Amount in any particular calendar
year, the Holders shall not have the right to, or otherwise be permitted to,
convert the number of shares covered by such year's Installment into Common
Stock at any time.

          (b)  Time for Exercise of Vested Conversion Options. Upon vesting 
of an Installment, the Holders shall have the right to convert the Series C
Preferred Stock covered by such Installment for a period of 90 days commencing
upon the Vesting Date for each respective Installment (to "Conversion Period").
The Holders' right to exercise their option to convert the Series C Preferred
Stock covered by the fourth Installment shall be exercisable for a period of 90
days commencing one year from the Vesting Date for that Installment.
Notwithstanding the foregoing or any other provision to the contrary herein, if
(i) the Holder is not otherwise permitted or authorized under Section 4 of the
Bank Holding Company Act of 1956, as amended, to hold more than 4.999% of the
total number of shares of Common Stock then outstanding, and (ii) conversion of
an Installment, in whole or in part, would cause the Holder to own more than
4.999% of the total number of shares of Common Stock then outstanding, then the
Conversion Period as to such Installment shall be extended to 10 days following
notice from the Corporation to the Holders that exercise of such Installment, in
whole or in part, would not cause the Holders to hold more than 4.999% of the
total number of shares of Common Stock then outstanding.

          (c)  Mechanics of Conversion. The right to convert shares of the 
Series C Preferred Stock into shares of Common Stock of the Corporation (if
applicable) shall be exercisable

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by delivering the certificate or certificates for the shares to be converted,
properly endorsed to the Corporation or in blank, along with a written notice of
its intention to convert such shares, to the Secretary of the Corporation at the
home office of the Corporation. The conversion of the shares of Series C
Preferred Stock shall be effective as of the date on which the Corporation
receives both such certificate or certificates and such notice of conversion.

          (d)  All shares of Common Stock issued upon the conversion of any
shares of Series C Preferred Stock shall be fully paid and non-assessable.

          (e)  The number of shares of Common Stock of the Corporation into 
which the shares of Series C Preferred Stock can be converted shall be subject
to adjustment from time to time as follows:

               (i)  If, at any time after the issuance of any shares of Series C
     Preferred Stock, the Corporation pays or makes a dividend or other
     distribution on any class of capital stock of the Corporation in Common
     Stock of the Corporation, then the number of shares of Common Stock into
     which each share of Series C Preferred Stock may be converted shall be
     increased by multiplying such number by a fraction, the denominator of
     which is the number of shares of such Common Stock outstanding at the close
     of business on the day immediately preceding the date of such distribution
     and the numerator of which is the sum of such number of shares and the
     total number of shares constituting such dividend or other distribution,
     such increase to become effective immediately after the opening of business
     on the day following such distribution.

               (ii)  If, at any time after the issuance of any shares of 
     Series C Preferred Stock, the outstanding shares of Common Stock of the
     Corporation are subdivided into a greater number of such shares, then the
     number of shares of Common Stock into which each share of Series C
     Preferred Stock may be converted shall be proportionately increased, and,
     conversely, if, at any time after the issuance of any shares of Series C
     Preferred Stock, the outstanding shares of Common Stock of the Corporation
     are combined into a smaller number of such shares, then the number of
     shares of Common Stock into which each share of Series C Preferred Stock
     may be converted shall be proportionately decreased, such increase or
     decrease, as the case may be, to become effective immediately after the
     opening of business on the day following the day upon which such
     subdivision or combination becomes effective.

               (iii)  The reclassification (including any reclassification upon 
     a merger in which the Corporation is the continuing corporation) of the
     Common Stock of the Corporation into securities, including other than
     shares of such Common Stock, shall be deemed to involve a subdivision or
     combination, as the case may be, of the number of shares of the Common
     Stock of the Corporation outstanding immediately prior to such
     reclassification into the number of shares of such Common Stock outstanding
     immediately thereafter and the effective date of such reclassification
     shall be deemed to be the day upon which such subdivision or combination
     becomes effective, within the meaning of subparagraph (ii) above.

     4.   Liquidation

     In the event of the liquidation, dissolution, or winding up of the
Corporation, whether voluntary or involuntary, the Holders of the shares of
Series C Preferred Stock shall be entitled to receive, out of the assets of the
Corporation available for distribution to stockholders, an amount equal to $0.01
per share of Series C Preferred Stock.

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     5.   Reservation of Common Stock

     So long as any shares of Series C Preferred Stock are outstanding, the
Corporation shall maintain a sufficient number of authorized but unissued shares
of Common Stock to provide for the conversion of all outstanding shares of
Series C Preferred Stock into shares of Common Stock.

     6.   Mandatory Redemption

          (a)  Any shares of Series C Preferred Stock that do not vest and 
become convertible into shares of Common Stock in accordance with Section 3 
above on or before March 31, 2004 will be redeemed by the Corporation for an 
amount equal to $0.01 per share on the 90th day following the Final Conversion 
Date or, if such date is not a day on which banks in Atlanta, Georgia are open 
for business (a "Business Day"), the next such Business Day (the "Redemption 
Date"). The Corporation will provide the Holders with written notice of the 
redemption of shares of Series C Preferred Stock which have not vested 10 
Business Days prior to the Redemption Date. Payment of the redemption price 
shall be made by the Corporation by check or, at the option of the Corporation, 
wire transfer or other immediately available funds.

          (b)  Upon mailing of the notice of redemption and following payment of
the redemption price on the Redemption Date (unless default shall be made by the
Corporation in providing money for the payment of the redemption price, and
subject to the other terms of this certificate of designations) such shares
shall no longer be deemed to be outstanding, and all rights of the Holders
thereof as shareholders of the Corporation, other than the right to receive the
redemption price from the Corporation) shall cease.

     7.   Lock-up and Legend

     With respect to any Installments that vest on the first three Calculation
Dates, each share of Common Stock received upon any conversion of such Series C
Preferred Stock shall be non-transferable for two years from the date on which
the relevant Series C Preferred Stock vested, unless permitted by the Board of
Directors of the Corporation. With respect to any Installments that vest on the
fourth Calculation Date, each share of Common Stock received upon any conversion
of such Series C Preferred Stock shall be non-transferable for one year from the
date on which the relevant Series C Preferred Stock vested, unless permitted by
the Board of Directors of the Corporation. Any other offer, sale or other
purported transfer of such shares of Common Stock shall be void ab initio and
the purported transferee thereof shall possess no rights in such shares of
Common Stock.

     Each certificate representing shares of Common Stock into which shares of
Series C Preferred Stock have been converted shall bear the following legend (in
addition to any legend required by applicable state securities laws):

     THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED 
   UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "ACT") OR ANY OTHER FEDERAL
   OR STATE SECURITIES LAWS, AND MAY NOT BE SOLD, TRANSFERRED, ASSIGNED OR 
   HYPOTHECATED UNLESS THERE IS AN EFFECTIVE REGISTRATION STATEMENT UNDER THE 
   ACT AND ANY OTHER APPLICABLE FEDERAL SECURITIES LAWS COVERING SUCH SECURITIES
   OR THE CORPORATION RECEIVES AN OPINION OF COUNSEL IN FORM SATISFACTORY TO THE
   CORPORATION THAT AN EXEMPTION FROM SUCH REGISTRATION IS AVAILABLE.

     ADDITIONALLY,  THE TRANSFER OF THE SHARES  REPRESENTED BY THIS CERTIFICATE 
   IS SUBJECT TO CERTAIN  RESTRICTIONS  SPECIFIED IN 

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     SECTION 7 OF THE CERTIFICATE OF DESIGNATION OF SECURITY FIRST TECHNOLOGIES
     CORPORATION DATED FEBRUARY 24, 1999 AS TO THE SERIES C REDEEMABLE
     CONVERTIBLE PREFERRED STOCK, AND NO TRANSFER OF SHARES SHALL BE VALID OR
     EFFECTIVE ABSENT COMPLIANCE WITH SUCH RESTRICTIONS. A COPY OF THE
     CERTIFICATE OF DESIGNATION MAY BE OBTAINED AT NO COST BY WRITTEN REQUEST
     MADE BY THE REGISTERED HOLDER OF THIS CERTIFICATE TO THE SECRETARY OF THE
     CORPORATION.


The legend endorsed on a stock certificate pursuant to this Section 7,
insofar as it relates to registration under the Securities Act of 1933, as
amended, shall be removed and the Corporation shall issue a certificate without
such legend to the holder of such shares, if such shares are registered under
applicable federal securities laws and a prospectus meeting the requirements of
the rules and regulations of the Securities and Exchange Commission is available
or if such holder provides to the Corporation an opinion of counsel to such
holder reasonably satisfactory to the Corporation, to the effect that a public
sale, transfer or assignment of such shares may be made without registration and
without compliance with any restrictions. The legend endorsed on a stock
certificate pursuant to this Section 7, insofar as it relates to additional
transfer restrictions specified herein, shall be removed upon the expiration of
the applicable provisions.

     IN WITNESS WHEREOF, SECURITY FIRST TECHNOLOGIES CORPORATION has caused this
Certificate of Designation to be made under the seal of the Corporation and
signed by James S. Mahan, III, its Chief Executive Officer and President, and
attested by Nancy K. Kenley, its Secretary, this 24th day of February, 1999.


                                   SECURITY FIRST TECHNOLOGIES CORPORATION

                                   By:   /s/ James S. Mahan, III
                                         ------------------------------------- 
                                         Chief Executive Officer and President

[SEAL]

Attest:

/s/ Nancy  Kenley
--------------------
Secretary