I'm not particularly familiar with arbitration and the resulting paperwork, nor with financial claims against another party.
However, I do know that minutes of mutual settlement can be filled with a court, and the court will, based on the affidavit of filing, enforce it as if that court had ruled.
And for instance, this is in a Arbitration submission agreement I found: "The parties agree to abide by and perform any award(s) rendered pursuant to this Submission Agreement. The parties further agree that a judgment and any interest due thereon, may be entered upon such award(s) and, for these purposes, the parties hereby voluntarily consent to submit to the jurisdiction of any court of competent jurisdiction which may properly enter such judgment."
i.e. "act as if a court ordered it, 'cause they have in effect"
So you are right that a binding arbitration agreement probably isn't enough, but filed with a court, and filed with either bank or employer, it should be enough.
It's not just filing with a court. You have to appear before a judge to ask for a default judgement, and the defendant can offer a defense (the options are narrow in scope, but not nonexistent).
This was in the context of the optics of 'suing their students'. So you serve the student, pay a lawyer to appear in court to ask for a default judgement, then student offers a defense, and a judge potentially grants the judgement. There's functionally no difference with respect to optics.
Also ISAs have not been heavily litigated, so no one really knows what would happen if a company tries to enforce them.
However, I do know that minutes of mutual settlement can be filled with a court, and the court will, based on the affidavit of filing, enforce it as if that court had ruled.
And for instance, this is in a Arbitration submission agreement I found: "The parties agree to abide by and perform any award(s) rendered pursuant to this Submission Agreement. The parties further agree that a judgment and any interest due thereon, may be entered upon such award(s) and, for these purposes, the parties hereby voluntarily consent to submit to the jurisdiction of any court of competent jurisdiction which may properly enter such judgment."
i.e. "act as if a court ordered it, 'cause they have in effect"
So you are right that a binding arbitration agreement probably isn't enough, but filed with a court, and filed with either bank or employer, it should be enough.