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English definition of “lockbox”

lockbox

noun [C]
 
 
/ˈlɒkbɒks/ BANKING
a service provided by banks in which a company's customers send payments directly to a bank so that the money can be paid immediately into the company's bank account: lockbox facility/service Checks are sent to a post office box in Pittsburgh, to be processed through the bank's lockbox facility.
a strong, locked container used for storing money and valuable possessions: He has a lockbox at the back of the office where he stores cash and other valuables.
(Definition of lockbox from the Cambridge Business English Dictionary © Cambridge University Press)
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