Why was the Medici bank important to the papacy?

The Medici bank became vital to the Roman Catholic Church after its founder, Giovanni di Bicci de’ Medici, was appointed as the official banker to the papacy in 1422.1

This relationship was significant because it provided the papacy with essential financial services and resources, which in turn helped solidify the Medici family's own political influence and wealth. By managing the papal accounts, the Medici bank became a central pillar of the family's power, allowing them to exert influence across Italy and beyond. However, this connection was also subject to political volatility; for instance, the bank lost the papal account in the 1470s after a dispute between Lorenzo de’ Medici and Pope Sixtus IV, which led to significant financial and political strain for the family.123