The Commonwealth of Massachusetts has enlisted People's United Bank NA to manage its core banking services.

Contract negotiations are ongoing and implementation and service changes are set to become effective sometime during the first quarter of next year.

Massachusetts' core banking services are comprised of concentrating and managing balances and the disbursing of funds to taxpayers, beneficiaries, employees, retirees and lottery winners, among others.

People's United Bank NA is a unit of People's United Financial Inc.