I do not know that particular foot controller, but MIDI does not usually work like that.
You assign a device, in this case the TimeFactor, to a particular MIDI channel, eg CH1.
You then set the MIDI Foot controller to send "Program Changes" (PC) that change the Banks.
You can send other MIDI messages , MIDI Control Changes (CC) and these usually set TapTempo, Hold etc.
Depends on the Foot controller how this works, some only do PC, some only do CC and some can do both.