EFT is an umbrella term encompassing everything from ATM transactions, Debit Card transactions, Bank Transfers and more. In this context I’d interpret it to mean one of the following:
1. Single Debit Instruction - Similar to a DD but non recurring. Revenue use this to handle Annual LPT payments (one of a number of payment options) and other one off payments. Disadvantage for State Savings (SS) is that it’s not realtime. So the product order is place, bank details are entered, SS then send the debit to the bank, bank send the funds, funds have to be matched to the order. SS are left sorting out the incomplete order if the bank reject the debit (e.g. no funds available etc). It could certainly be done, and State Savings already have the framework given that they have recurring DD capabilities in place for Prize Bonds and Installment Savings, but you’d need initiative and effort, scarce commodities where State Savings are concerned.
2. You place the order for the product on the SS Online System. Separately, you initiate a payment from your bank account to SS. SS match the incoming payment to your order. This is similar to the way in which Raisin accept orders and payments. Requires additional infrastructure, and leaves SS matching payments to orders, and dealing with orders that have been placed but for which no payment has been received. Again, it could be done, however In this case, the transaction would still be subject to any daily/transaction limits imposed by your bank (which may or may not be the same as debit card transaction limits) so there may not be any real benefit.
Frankly, it is not beyond the wit of man (but may well be beyond the wit of State Savings) to devise and implement a system which allows higher value online/electronic purchases - but given their track record I can’t see State Savings doing anything about it in the short term. It's pretty ridiculous that they have watch the demise of cheque payments and haven't come up with a comprehensive solution to address the issue. The current Online system is quite cumbersome and traipsing off to the Post Office with your stack of documentation is a bit 1900. Easily known that they are in the cosseted part of the State Sector.
regarding Debit cards, there is a huge disparity in the daily/transaction limits between the Irish Banks and it's difficult to understand why. Although most of my day to day banking since the demise of UB is with AIB, their transaction limits are so low they make transactions above a few thousand euro a nightmare. I’ve got a BOI debit card specifically for the purpose of transactions such as this, and while their daily limit of €25k is still on the low side (UB was €50k), it's manageable for most transactions I have to deal with. For example, with my BOI Debit Card a €100k purchase can be broken into four Debit Card transactions on consecutive days, whereas with an AIB Debit Card it would take 20 x €5k transactions, all on separate days so a month. And PTSB, our other “Pillar” would require 40 x €2,500......