A more thorough explanation:

Definition: A lockbox is a secure container, such as a post-office box, strongbox, or safe-deposit box. It can also refer to a service offered by a financial institution that allows businesses to quickly collect and consolidate payments from their customers.

For example, a company may use a lockbox service provided by their bank to receive payments from customers. The bank provides a unique address for the company's customers to send their payments to. When the payments arrive, the bank collects and processes them, depositing the funds directly into the company's account. This helps the company to streamline their payment processing and improve cash flow.

Another example of a lockbox is a safe-deposit box that individuals can rent from a bank to store valuable items such as jewelry, important documents, or cash. The box is secured with a key or combination lock and can only be accessed by the renter or authorized parties.

Overall, lockboxes provide a secure way to store and manage valuable items or payments, giving peace of mind to individuals and businesses alike.