-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
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 r6WKqjuQ8F2nSOoKl6Ubkw==

<SEC-DOCUMENT>0001221825-05-000039.txt : 20050519
<SEC-HEADER>0001221825-05-000039.hdr.sgml : 20050519
<ACCEPTANCE-DATETIME>20050519115025
ACCESSION NUMBER:		0001221825-05-000039
CONFORMED SUBMISSION TYPE:	3
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20050329
FILED AS OF DATE:		20050519
DATE AS OF CHANGE:		20050519

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DIRECT INSITE CORP
		CENTRAL INDEX KEY:			0000879703
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-COMPUTER INTEGRATED SYSTEMS DESIGN [7373]
		IRS NUMBER:				112895590
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		80 ORVILLE DR
		CITY:			BOHEMIA
		STATE:			NY
		ZIP:			11716
		BUSINESS PHONE:		5162441500

	MAIL ADDRESS:	
		STREET 1:		80 ORVILLE DRIVE
		CITY:			BOHEMIA
		STATE:			NY
		ZIP:			11716

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	COMPUTER CONCEPTS CORP /DE
		DATE OF NAME CHANGE:	19930328

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Waye Thom
		CENTRAL INDEX KEY:			0001327217

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-20660
		FILM NUMBER:		05843775

	BUSINESS ADDRESS:	
		BUSINESS PHONE:		212-201-6636

	MAIL ADDRESS:	
		STREET 1:		C/O SIGMA CAPITAL ADVISORS, LLC
		STREET 2:		800 THIRD AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Sigma Capital Partners, LLC
		CENTRAL INDEX KEY:			0001327128
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-20660
		FILM NUMBER:		05843776

	BUSINESS ADDRESS:	
		STREET 1:		800 THIRD AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022
		BUSINESS PHONE:		212-201-6636

	MAIL ADDRESS:	
		STREET 1:		800 THIRD AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Sigma Opportunity Fund LLC
		CENTRAL INDEX KEY:			0001291480

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-20660
		FILM NUMBER:		05843777

	BUSINESS ADDRESS:	
		STREET 1:		800THIRD AVENUE
		STREET 2:		SUITE 1701
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022
		BUSINESS PHONE:		2122016636

	MAIL ADDRESS:	
		STREET 1:		800THIRD AVENUE
		STREET 2:		SUITE 1701
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Sigma Capital Advisors, LLC
		CENTRAL INDEX KEY:			0001327130
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-20660
		FILM NUMBER:		05843778

	BUSINESS ADDRESS:	
		STREET 1:		800 THIRD AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022
		BUSINESS PHONE:		212-201-6636

	MAIL ADDRESS:	
		STREET 1:		800 THIRD AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022
</SEC-HEADER>
<DOCUMENT>
<TYPE>3
<SEQUENCE>1
<FILENAME>sigoppfund_directinsiteex.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>3</documentType>

    <periodOfReport>2005-03-29</periodOfReport>

    <noSecuritiesOwned>0</noSecuritiesOwned>

    <issuer>
        <issuerCik>0000879703</issuerCik>
        <issuerName>DIRECT INSITE CORP</issuerName>
        <issuerTradingSymbol>DIRLOB</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001291480</rptOwnerCik>
            <rptOwnerName>Sigma Opportunity Fund LLC</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O SIGMA CAPITAL ADVISORS, LLC</rptOwnerStreet1>
            <rptOwnerStreet2>800 THIRD AVENUE, STE 1701</rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10022</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001327128</rptOwnerCik>
            <rptOwnerName>Sigma Capital Partners, LLC</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>SIGMA CAPITAL PARTNERS</rptOwnerStreet1>
            <rptOwnerStreet2>800 THIRD AVENUE</rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10022</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001327217</rptOwnerCik>
            <rptOwnerName>Waye Thom</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>THOM WAYE</rptOwnerStreet1>
            <rptOwnerStreet2>800 THIRD AVENUE</rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10022</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001327130</rptOwnerCik>
            <rptOwnerName>Sigma Capital Advisors, LLC</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>SIGMA CAPITAL ADVISORS</rptOwnerStreet1>
            <rptOwnerStreet2>800 THIRD AVENUE</rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10022</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <derivativeTable>
        <derivativeHolding>
            <securityTitle>
                <value>Warrants (Rights to buy Common Stock)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>.90</value>
                <footnoteId id="F2"/>
            </conversionOrExercisePrice>
            <exerciseDate>
                <footnoteId id="F1"/>
            </exerciseDate>
            <expirationDate>
                <value>2012-03-28</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>650000</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                    <footnoteId id="F3"/>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeHolding>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">The excercisability date is the date on which warrants issued in a Follow-on Financing (as defined in the next sentence)
become exercisable or as may otherwise be agreed between Direct Insite Corp. (the &quot;Company&quot;) and Sigma Opportunity Fund, LLC
(&quot;Sigma&quot;) in connection with a Follow-on Financing, or, if a Follow-on Financing does not occur by May 13, 2005, then the
Exercisability Date shall be May 13, 2005 (unless a later date is agreed to in writing by the Company and Sigma).
&quot;Follow-on Financing&quot; shall mean a private placement consummated by the Company by May 13, 2005, or such longer period as
agreed to by the Company and Sigma, pursuant to which Sigma is the lead investor and Sigma and its affiliates and appointees
invest between $2,500,000 and $3,500,000.</footnote>
        <footnote id="F2">$.90, except that if a Follow-on Financing occurs, the exercise price shall be as agreed between the Company and Sigma in
connection with the Follow-on Financing, subject to the same antidilution adjustments as provided in the warrants issued in
connection with the Follow-on Financing, or, if the Follow-on Financing is not consummated by May 13, 2005 or such later
date as agreed to in writing by the Company and Sigma, then the exercise price shall be $.01 effective May 13, 2005 or such
later date as agreed to in writing by the Company and Sigma.</footnote>
        <footnote id="F3">This Form 3 is filed jointly by Sigma, Sigma Capital Advisors, LLC (&quot;Sigma Advisors&quot;), Sigma Capital Partners, LLC (&quot;Sigma
Partners&quot;) and Thom Waye. Mr. Waye, Sigma Advisors and Sigma Partners may be deemed to be 10% owners of the Company and
Sigma is a 10% owner of the Company. The securities reported in this Form 3 are owned directly by Sigma, and owned
indirectly by Sigma Advisors by virtue of it being the managing member of Sigma and by Sigma Partners by virtue of it being
the sole member of Sigma Advisors and by Mr. Waye by virtue of his position as the sole manager of Sigma Advisors and the
sole
member of Sigma Partners. Mr. Waye, Sigma Partners and Sigma Advisors disclaim beneficial ownership of the shares owned by
Sigma except to the extent of their pecuniary interest therein.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>Sigma Opportunity Fund, LLC, By: Sigma Capital Advisors, LLC By: /s/ Thom Waye, Manager</signatureName>
        <signatureDate>2005-05-09</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>Sigma Capital Advisors, LLC, By: /s/ Thom Waye, Manager</signatureName>
        <signatureDate>2005-05-09</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>Sigma Capital Partners, LLC, By: /s/ Thom Waye, Member</signatureName>
        <signatureDate>2005-05-09</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>/s/ Thom Waye</signatureName>
        <signatureDate>2005-05-09</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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