How did the Medici bank work? What steps would a prospective borrower have to go through to get a loan? What sort of research or formula did the Medici use to decide who was a safe enough risk?

by td4999

notmadjustnomad

Additionally, I've read that the Medici's skirted usury laws... but never with an explanation of how they would have done this. Was the church aware, and did they disapprove?

Justin_123456

Follow up question: How would the Medici or another bank of the period verify identity? If I show up in Venice with a letter of deposit made out to Sir so-and-so in London, how do they know if I am Sir so-and-so, or if I'm just the guy who killed him and stole his documents?