The oratory was built in the middle of the 16th century as the headquarters of the Archconfraternity of the Gonfalone (Arciconfraternità del Gonfalone). Gonfalone means 'banner' and refers to the banners or flags which the members of the archconfraternity carried in religious processions and celebrations.
The simple rectangular hall of the oratory is lined with wooden choir stalls above which is a fresco cycle in twelve parts illustrating scenes from the Passion. The frescoes are the work of the Mannerist painter Federico Zuccari and his assistants (1573).
The oratory is now used as a venue for concerts given by the Coro Polifonico Romano.
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