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Per Eventide page:

TimeFactor now gives you the ability to name your Presets. When you load a new Preset in Bank Mode, the entire Preset name will scroll once. Then the Bank/Preset number will be displayed, followed by the first 4-6 letters of the Preset Name.

To Edit the Preset Name:

-After entering Save Mode, press the Right Footswitch and the first character of the Preset Name will flash. Turning the Encoder will change this character. The available character set is 'A-Z','a-z', '0-9'.

– The Left and Right Footswitch LEDs will be flashing green, to show that TimeFactor is in Save Mode and that these switches can be used to navigate between edit fields.

– Use the Left and Right Footswitches to traverse the display, selecting a field to be edited by the Encoder. (The active field for editing is always flashing.) Repeated pressing of the Right or Left Footswitch will traverse through the name field one character at a time, flashing the selected character. 

– The cursor will “wrap around the display,” ie Pressing the Left Footswitch will move the edit field to the left by one character at a time until it gets to the first character. Pressing the Left Footswitch from here will jump to the last character of the Preset Name.

– A phantom space is always present at the end of the name to allow characters to be added past the end. This cannot be deleted but will be removed on exit.

-When you are finished naming, either press and hold the Encoder Button to save the Preset, or press the Middle Footswitch to exit without saving.

Special Footswitch Presses/Shortcuts for Naming Presets:

1. Press and hold Left Footswitch to DELETE the current flashing character.
2. Press and hold Right Footswitch to INSERT a character before the current flashing character.