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From the TF UM p 25:
To save a Preset:
1) Press and hold the Encoder for a few seconds. The current Bank# and Preset# are displayed. Release the Encoder.
2) Turn the Encoder to select the desired Bank# and Preset#. Preset locations are displayed as ?BANK#:#? where the first number is the Bank number from 1-10 and the second number is the Preset number (or slot) either 1-2. When saving, all Banks are available even if you?ve limited the number of active Banks.
3) To save the Preset, press and hold the Encoder a second time. The Billboard displays ?SAVED.?
4) After a short time, the Save mode is exited.
5) To exit Save without saving, press and release the Encoder again without holding it or press any Footswitch at any time. Upon exiting Save mode without saving, the Billboard displays ?NO SAVE.?
Refer to the TimeFactor Update Page for info on editing and saving the name.