02 November 2012 6:44am

BPay's losses on its abandoned Mambo project now stand at A$60 million, after the board doubled an impairment first recognised last year.

Mambo was an electronic addressing system intended to speed up business and consumer payments.

Financial statements for 2012 for Cardlink Services, the joint venture company composed of several Australian banks which own BPay, show the original impairment on the project was $34 million.

Costs to finalise the project were $19 million, while the project's wind-up costs were a further $7 million.

The Australian banking industry...